Printer Friendly

RB&W ANNOUNCES LENDING ACCORD WITH GENERAL ELECTRIC CAPITAL CORPORATION

 MENTOR, Ohio, Oct. 20 /PRNewswire/ -- RB&W Corporation (AMEX: RBW) today announced the consummation of a $30 million, three-year credit facility with General Electric Capital Corporation, consisting of a $27 million revolving credit agreement and a $3 million term loan. The company has used a portion of the facility to refinance its bank and insurance company debt and will rely on the remainder to support future working capital needs.
 Ronald K. Leirvik, president and chief executive officer, stated, "The refinancing was made possible by the company's achievement of major strategic goals in the following areas:
 -- Sale of the screw and bolt manufacturing operations;
 -- Continuing progress in re-engineering our nut and extrusion operations incorporating cellular manufacturing;
 -- Restructuring our corporate organization to significantly reduce SG&A expenses, and
 -- Record performance of our distribution operations resulting from growing market acceptance of its Total Fastening Service (TFS) capability."
 Kent M. Holcomb, the company's chief financial officer, stated, "The new credit facility will significantly reduce the company's interest expense and permit management to focus on continued operational improvements and higher levels of customer service."
 RB&W Corporation is a leading industrial company engaged in the manufacture and distribution of cold formed parts. With 148 years of experience, it remains one of the largest companies in the fastener industry.
 -0- 10/20/93
 /CONTACT: Murray J. Howe, vice-chairman, of RB&W, 305-421-5036/
 (RBW)


CO: RB&W ST: Ohio IN: MAC SU:

KL -- CL035 -- 4788 10/20/93 17:02 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:Oct 20, 1993
Words:244
Previous Article:AGRICULTURAL MINERALS AND CHEMICALS INC. ANNOUNCES SUCCESSFUL SALE OF NOTES
Next Article:SIERRA ON-LINE SIGNS AGREEMENT TO ACQUIRE FRENCH SOFTWARE PUBLISHER
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters