Printer Friendly

SECOM GENERAL CORPORATION CLOSES ON $4 MILLION LOAN THROUGH THE MICHIGAN STRATEGIC FUND

 SECOM GENERAL CORPORATION CLOSES ON $4 MILLION LOAN
 THROUGH THE MICHIGAN STRATEGIC FUND
 NOVI, Mich., June 24 /PRNewswire/ -- Secom General Corporation's (NASDAQ: SECM) Uniflow subsidiary, located in Novi, closes today on $4 million in loan proceeds for the expansion of additional machinery and building capacity in its metal forming business. Management expects the project to be completed in stages over the next year, with initial production beginning in January 1993.
 Proceeds from the loan came from tax-exempt industrial revenue development bonds sold by Roney & Co. The interest on the bonds is floating and currently at 2.875 percent. In addition, Uniflow will pay a bank letter of credit fee of 1.25 percent annually on the outstanding loan balance.
 Separately, Secom also announced that, through its Uniflow subsidiary, it had procured two orders, valued at approximately $1.6 million annually, from two large automobile suppliers for its newly acquired and rebuilt National parts forming machine. Initial production for these orders will begin in July 1992.
 -0- 6/24/92
 /CONTACT: David Marczak of Secom General, 313-349-8970/
 (SECM) CO: Secom General Corporation ST: Michigan IN: MAC SU:


ML -- DE017 -- 3322 06/24/92 13:23 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 24, 1992
Words:195
Previous Article:VESTAR EXPRESSES CONFIDENCE IN PATENT POSITION; WILL VIGOROUSLY CONTEST ALL INFRINGEMENT ALLEGATIONS
Next Article:LASER-PACIFIC MEDIA REPORTS ON U.S. DISTRICT COURT RULING FOR PATENT
Topics:


Related Articles
SECOM GENERAL ANNOUNCES NEW EQUIPMENT ORDERS
SECOM GENERAL REPORTS HIGHER SALES AND EARNINGS FOR DEC. 31, 1991, QUARTER
SECOM GENERAL CORPORATION ISSUES OPTION TO PRIVATE INVESTOR
SECOM GENERAL CORPORATION EXTENDS OPTION DEADLINE TO WARREN AVIS
SECOM GENERAL CORPORATION REPORTS NET LOSS ON HIGHER SALES FOR FISCAL FOURTH QUARTER; FORECASTS PROFITABLE FISCAL 1993
SECOM GENERAL CORPORATION REACHES DEFINITIVE AGREEMENT TO SELL TRI-TEC PLASTICS UNIT
SECOM GENERAL CORPORATION ANNOUNCES PRELIMINARY TERMS WITH INVESTOR GROUP FOR $1.9 MILLION CASH INFUSION
SECOM GENERAL CORPORATION COMPLETES TRANSACTION WITH INVESTORS FOR $1 MILLION CASH INFUSION
Secom General Reports Higher 3rd Fiscal Quarter Sales and Net Income
Secom General Undertakes Restructuring of Executive Management; Clemente Relinquishes President & CEO Positions

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