GENERAL DATACOMM INDUSTRIES ANNOUNCES COMMITMENT ON NEW FINANCING AGREEMENT
GENERAL DATACOMM INDUSTRIES ANNOUNCES COMMITMENT
ON NEW FINANCING AGREEMENT
MIDDLEBURY, Conn., Feb. 5 /PRNewswire/ -- General DataComm Industries, Inc. (NYSE: GDC) today announced that it has received a commitment for a new, three year revolving credit loan agreement with The Bank of New York Commercial Corporation for $25 million. The new loan facility will be used to repay debt from a previous line of credit which matured on Oct. 30, 1991, and to provide funds for on-going capital requirements.
"In view of the present credit climate, we are very pleased to have received this commitment," stated William S. Lawrence, vice president and chief financial officer. "We now look forward to concentrating our full attention on positioning the company for the growth opportunities ahead."
Finalization of the $25 million loan agreement is expected within several weeks.
General DataComm is a leading provider of multimedia networks and telecommunications equipment worldwide.
Based in Connecticut, GDC serves corporate customers and telephone operating companies throughout the world with a broad line of network access products, high-end multiplexing, LAN internetworking equipment and network management systems. In its fiscal year ended September 1991, GDC reported revenues of $192 million.
/CONTACT: Theresa A. Carpentieri of General DataComm, 203-574-1118, ext. 6122/
(GDC) CO: General Datacomm Industries Inc. ST: Connecticut IN: CPR SU: FNC SM -- NY022 -- 7085 02/05/92 10:24 EST