Printer Friendly

YORK INTERNATIONAL REFINANCING CREDIT FACILITIES

 YORK INTERNATIONAL REFINANCING CREDIT FACILITIES
 YORK, Pa., June 30 /PRNewswire/ -- York International Corporation


(NYSE:YRK) announced today that it completed a refinancing of its outstanding credit facility on more favorable terms.
 Indicative of York's investment grade rating, the new credit facility has lower rates of interest and less restrictive covenants.
 The company said that it entered into a $400 million unsecured syndicated credit agreement and a $100 million asset securitization. The Credit Agreement consists of a $150 million term facility with a final maturity in 1997 and a $250 million revolving credit facility terminating in 1997. The sole agent for the credit agreement is Canadian Imperial Bank of Commerce (CIBC), which also acts as servicing agent for the asset securitization. CIBC had been the co- agent for the previous credit facility.
 The new arrangements replace the previous $650 million secured Credit Agreement. As a result of the refinancing, the company said it will recognize a one-time extraordinary non-cash charge of approximately $18 million, after income taxes, in connection with the accelerated write off of fees and expenses associated with the previous credit facility.
 "We are extremely pleased by this vote of confidence from our lenders, reaffirming their commitment to York," said Robert N. Pokelwaldt, president and chief executive officer. "We believe that the improved terms will enhance York's flexibility and prospects for future growth."
 York International Corporation is a full-line, global manufacturer in the United States and a leading competitor in the industry internationally. The company's products are sold in more than 100 countries and York has 11,500 employees worldwide.
 /delval/
 -0- 6/30/92
 /CONTACT: Helen Marsteller of York International, 717-771-7451/
 (YRK) CO: York International ST: Pennsylvania IN: SU:


CC -- PH036 -- 5339 06/30/92 16:44 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 30, 1992
Words:290
Previous Article:CONSOLIDATED FREIGHTWAYS INC. RESPONDS TO U.S. POSTAL SERVICE ACTION
Next Article:SECURITY CAPITAL BANCORP FORMED THROUGH MERGER OF FIRST SECURITY FINANCIAL AND OMNI CAPITAL GROUP
Topics:


Related Articles
TPI ENTERPRISES SUCCESSFULLY COMPLETES REFINANCING
DRS COMPLETES REFINANCING OF CREDIT FACILITY OF SUBSIDIARY
GM AND GMAC FINALIZE AGREEMENTS FOR 6 SYNDICATED BANK CREDIT FACILITIES
TLC BEATRICE INTERNATIONAL CONCLUDES LOAN AGREEMENT WITH INTERNATIONAL BANK GROUP
Pueblo Xtra International, Inc. Amends Bank Credit Facility
HCC Insurance Holdings Announces $250 Million Revolving Credit Facility.
Telewest Communications plc: Refinancing of Credit Facilities.
Lennox Signs Agreement With Bank Group Led by Chase Securities For $300 Million in Additional Financing.
Chiquita Completes Initial Steps in Proposed Refinancing.
Chiquita Completes Initial Steps in Proposed Refinancing.

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