Danka Announces Extension of Bank Waiver.ST. PETERSBURG, Fla.--(BUSINESS WIRE)--June 21, 1999-- Danka Business Systems PLC (Danka) announced today that it has entered into an amendment to its Credit Agreement. Terms of the amendment provide for an aggregate commitment by the lenders of $750 million through July l5, 2000. Effectiveness of the amendment is subject to completion of the previously announced sale of Danka's outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. division, Danka Services International. Larry K. Switzer, Danka's Chief Executive Officer, commented, "We are pleased to secure this new financing agreement and receive a vote of confidence from our lenders. This agreement solidifies the Company's financing for the next twelve months." Danka will pay a fee of $2.0 million upon the effectiveness of the amendment to the Credit Agreement. Additional payments of approximately $1.9 million, $3.8 million and $7.4 million become due on October 31, 1999, December 31, 1999 and March 31, 2000, respectively, if the Credit Agreement has not been refinanced at that date. Mr. Switzer continued, "We expect to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. the indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. as soon as practical, and hope to accomplish this before December 31, 1999. Discussions with several parties are underway to achieve that end and will be the final step in the process we started last Fall." Danka Business Systems PLC headquartered in London, England and St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. is one of the world's largest independent suppliers of office imaging equipment and related services, parts and supplies. Danka provides office products and services in over 30 countries around the world. For additional information about copier, printer and other office imaging products, please visit our web site at www.danka.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements contained in the press release, are forward looking, and certain information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company is based on the belief of management as well as assumptions made by, and information currently available, to management. The words, "expect," "believe," "possibly" and similar expressions as they relate to the Company or the Company's management, are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those reflected in the forward-looking statements, including but not limited to the Company's inability to refinance its indebtedness under the Credit Agreement, which could result from a variety of factors, including results of operation at levels below those currently anticipated, contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction in credit markets failure to comply with amended covenants, failure to secure refinancing Refinancing An extension and/or increase in amount of existing debt. in the timeframes described above, and other factors beyond the Company's control. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . |
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