Printer Friendly

DETROIT DIESEL ANNOUNCES NEW CREDIT AGREEMENT

 DETROIT, Jan. 10 /PRNewswire/ -- Detroit Diesel Corporation (NYSE: DDC) announced today that it has arranged a $250 million five- year, unsecured syndicated bank credit facility. Chemical Bank is acting as agent for the participating banks.
 Proceeds of the new facility will be used to consolidate the current bank indebtedness of Detroit Diesel's subsidiaries and for general corporate purposes. The agreement replaces a $170 million secured credit facility.
 "The new agreement will substantially lower the company's cost of financing and provide greater flexibility for the company to pursue its strategic objectives," said Detroit Diesel Chairman and CEO Roger Penske.
 Detroit Diesel Corporation is engaged in the design, manufacture, sales and service of heavy-duty diesel engines and engine parts. The company offers a complete line of diesel engines ranging from five to 2,500 horsepower for the on-highway truck; coach and bus; construction mining and industrial; power generation; marine; and military markets. The company had 1992 revenues of $1.4 billion.
 -0- 1/10/94
 /CONTACT: Beth Kapchonick, manager, public affairs of Detroit Diesel, 313-592-7642/
 (DDC)


CO: Detroit Diesel Corporation ST: Michigan IN: AUT SU:

SB -- DE006 -- 0492 01/10/94 10:25 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 10, 1994
Words:192
Previous Article:HEALTHSPRING, INC., ANNOUNCES EXPANSION TO NEW MARKETS
Next Article:TOYOTA'S RALEIGH/DURHAM-AREA RETAIL SALES CLIMB IN DECEMBER
Topics:

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