GELMAN SCIENCES INC. REFINANCES BANK DEBT
GELMAN SCIENCES INC. REFINANCES BANK DEBT ANN ARBOR, Mich., Nov. 3 /PRNewswire/ -- Gelman Sciences Inc.
(AMEX: GSC) announced today that the company has renegotiated and extended its $18 million revolving credit agreement that was due Dec. 31, 1992. Under the agreement, the term of the revolving credit was extended to Dec. 31, 1993, with the interest rate set at one-half percent over prime. The company also refinanced a $5 million term note extending its maturity to Dec. 31, 1995. The term note interest rate is 1 percent over prime and requires quarterly principle payments of $125,000, $250,000 and $375,000 in calendar years 1993, 1994 and 1995, respectively.
"Refinancing of the company's debt was an important aspect to provide the financial stability to continue the turnaround strategy that has resulted in improved operating performance the last two fiscal years ended July 31, 1992," said James J. Fahrner, Gelman Sciences chief financial officer. The refinancing also provides Gelman Sciences Inc. the capital required to implement its remediation plan under its agreement with the state of Michigan in settlement of its environmental lawsuit. Fahrner said, "Considering the difficulty that most medium- size companies are experiencing in obtaining refinancing, we are pleased with our agreement. We are confident that the Revolving Credit Agreement will be renewed on an annual basis as long as we continue to improve our operating performance." Gelman Sciences Inc. is a manufacturer and marketer of microporous filters for the laboratory, process and medical industries. -0- 11/3/92 /CONTACT: James J. Fahrner, vice president and chief financial officer, Gelman Sciences Inc., 313-665-0651/ (GSC) CO: Gelman Sciences Inc. ST: Michigan IN: MTC SU: FNC
DH -- DE006 -- 2056 11/03/92 12:17 EST
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|Date:||Nov 3, 1992|
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