Printer Friendly

DANKA ANNOUNCES EXPANSION OF ITS CREDIT FACILITIES

 ST. PETERSBURG, Fla., June 16 /PRNewswire/ -- Danka Business Systems PLC (NASDAQ: DANKY), the second largest independent distributor of automated office equipment and related supplies and services in the United States, today announced the expansion of its credit facilities. The revised facilities have increased total credit availability to $83 million. The facilities consist of a $50 million variable rate revolving line of credit due in 1996; a $3 million variable rate cash management facility also due in 1996; and $30 million fixed rate Senior Notes due in the year 2000. The revolving credit facilities are provided by South Trust Bank of Alabama, N.A. and Continental Bank N.A. The Senior Notes were placed with three institutional investors in a transaction arranged by Continental Bank N.A.
 Danka's chief financial officer, David Snell, commented on the expanded credit facilities by saying, "We view these new credit arrangements as an important step in meeting our future capital requirements. We took advantage of the present low interest rates to refinance a portion of our borrowings with a fixed rate, term loan. Additionally, the increase in the total facility gives us the borrowing capacity we need to continue our acquisition program."
 -0- 6/16/93
 /CONTACT: William T. Freeman, 813-576-6003, or Paul G. Dumond, 011-44-71-935-4650 (London), both of Danka Business Systems PLC/
 (DANKY)


CO: Danka Business Systems PLC ST: Florida IN: SU:

JB-AW -- FL003 -- 2499 06/16/93 09:29 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 16, 1993
Words:237
Previous Article:ALAMO RENT A CAR OPENS ENVIRONMENTALLY FRIENDLY, ON-AIRPORT LOCATION IN JACKSON HOLE
Next Article:TANOX AND CIBA ANNOUNCE COMMENCEMENT OF CLINICAL TESTING OF NEW ALLERGY TREATMENT
Topics:


Related Articles
DANKA BUSINESS SYSTEMS PLC ANNOUNCES TWO-FOR-ONE SPLIT OF ADR'S
DANKA BUSINESS SYSTEMS ANNOUNCES THE AGREEMENT TO ACQUIRE UNI-COPY CORP.: FLORIDA FIRM ALSO ACQUIRES ALABAMA AND TENNESSEE DEALERSHIPS
DANKA ANNOUNCES AGREEMENTS TO ACQUIRE DEALERS WITH $21 MILLION IN REVENUE
Officeland Signs Agreement To Continue Long-Term Relationship With Danka (Formerly Kodak)
Danka/Omnifax Celebrates 110 Years of Success - 1888 to 1998 Taking Customers into the Millennium and Beyond.
Information Leasing Corporation Announces Agreement with Danka Business Systems PLC.
W. P. Carey Acquires St. Petersburg Properties for $31 Million.
Danka Adds Sequiam's Print It, 123! to Solutions Portfolio.
Danka to Outsource Information Technology Operations to MCI In $70 Million Deal.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters