TRITON GROUP LTD. OBTAINS NEW CREDIT FACILITY
TRITON GROUP LTD. OBTAINS NEW CREDIT FACILITY LA JOLLA, Calif., Nov. 29 /PRNewswire/ -- Intermark Inc.
(AMEX: IMI) today announced that its wholly owned subsidiary Triton Group Ltd. has entered into a three-year credit facility with Fuqua Industries Inc. (NYSE: FQA) in the amount of $32,000,000.
Borrowings under the facility are collateralized by Triton'stire block of 4.3 million shares of Fuqua which represents 26 percent of the outstanding shares of Fuqua. In addition, Triton has granted to Fuqua a right of first refusal relating to any sale by Triton of its Fuqua shares. Proceeds of the facility were applied to retire bank debt of Triton and a subsidiary, and the remainder is available for working capital and other corporate purposes. Commenting on the financing, John C. Stiska, Intermark's president, said: "This transaction enabled us to completely eliminate our parent company bank debt and to further reduce our partner company borrowings. We can now focus our attention and resources on the growth of our partner companies and our outstanding subordinated debt." Intermark is an operating/holding company whose business is to acquire a controlling interest in, operate through and add value to well-established successful, mid-sized American growth companies in broadly diverse industries. -0- 11/29/91 /CONTACT: John C. Stiska, president of Intermark Inc., 619-456-1000/ (IMI FQA) CO: Intermark Inc.; Fuqua Industries Inc. ST: California IN: FIN SU:
DM-SE -- SD001 -- 8020 11/29/91 09:01 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 29, 1991|
|Previous Article:||ENTERPRISE FUND CLOSES $80 MILLION IN INVESTMENTS IN POLAND|
|Next Article:||AUTODIE REPORTS $47 MILLION LOSS FOR YEAR DUE TO RESTRUCTURING|