INTERNATIONAL TECHNOLOGY CORP. FINALIZES AMENDMENTS TO CREDIT AGREEMENTS
INTERNATIONAL TECHNOLOGY CORP.
FINALIZES AMENDMENTS TO CREDIT AGREEMENTS
TORRANCE, Calif., June 22 /PRNewswire/ -- International Technology Corp. (NYSE: ITX) (IT) announced today final agreement with its lenders on amended terms to its credit agreements. As a result of nonrecurring charges recorded in the fourth quarter of fiscal year 1992, the company was not in compliance with certain covenants of its secured debt and revolving credit agreements. The recently completed modifications now place the company in full compliance with the amended terms of the secured debt and $120 million revolving credit agreements. Although the modifications included increased pricing, these costs are not expected to have a material impact on the future operating results of the company.
"As evidenced by the recently completed amended credit agreements, IT's relationship with its lenders remains strong. The company will now be able to implement its business plan for fiscal year 1993," said Anthony J. DeLuca, senior vice president and chief financial officer.
International Technology Corp., based in Torrance, is a leading environmental management company providing services to government and industry. The company's common stock is traded on the New York Stock Exchange under the symbol ITX.
/CONTACT: Anthony J. DeLuca, senior VP and CFO, or Pat Boldt, of International Technology, 310-378-9933/
(ITX) CO: Industrial Technology Corp. ST: California IN: SU: JL-KJ -- LA007 -- 2223 06/22/92 08:03 EDT