G&K Services Announces Issuance of $75 Million Senior Notes
08 7월 2005 - 5:30AM
Business Wire
G&K Services, Inc. (Nasdaq:GKSRA), a market leader in branded
identity apparel programs and facility services, today announced it
has raised gross proceeds of $75 million through the private
placement of senior notes ("Notes") due June 30, 2015. "We continue
to execute transactions to further enhance G&K's capital
structure to support the company's strategic vision," said Jeffrey
Wright, G&K's senior vice president and chief financial
officer. "The placement of the senior notes provides additional
capital resources to pursue organic revenue growth initiatives in
addition to funding strategic acquisitions." The Notes are
unsecured floating rate private placement notes that include
financial covenants and other customary terms and conditions. There
are no principal payments due on the Notes until maturity in 2015.
The proceeds of the Notes will be used to repay outstanding debt
under the company's revolving credit facility. The securities
offered have not been registered under the Securities Act of 1933
and may not be offered or sold in the United States, absent
registration or an applicable exemption from registration
requirements. "Our capital structure objectives center on capital
availability, flexibility in terms and conditions, maintaining an
appropriate debt maturity schedule and minimizing our cost of
capital," said Glenn Stolt, G&K's vice president and treasurer.
"The issuance of these notes supports each of our objectives.
Further, this private placement of senior notes combined with the
asset securitization program we completed last December and other
outstanding debt arrangements diversifies our sources of capital at
a lower effective cost of debt." Safe Harbor for Forward-Looking
Statements The Private Securities Litigation Reform Act of 1995
(the "Act") provides companies with a "safe harbor" when making
forward-looking statements as a way of encouraging them to furnish
their shareholders with information regarding expected trends in
their operating results, anticipated business developments and
other prospective information. Statements made in this press
release concerning our intentions, expectations or predictions
about future results or events are "forward-looking statements"
within the meaning of the Act. These statements reflect our current
expectations or beliefs, and are subject to risks and uncertainties
that could cause actual results or events to vary from stated
expectations, which could be material and adverse. Given that
circumstances may change, and new risks to the business may emerge
from time to time, having the potential to negatively impact our
business in ways we could not anticipate at the time of making a
forward-looking statement, you are cautioned not to place undue
reliance on these statements, and we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Some of
the factors that could cause actual results or events to vary from
stated expectations include, but are not limited to, the following:
unforeseen operating risks; the effects of overall economic
conditions and employment; fluctuations in costs of insurance and
energy; acquisition integration costs; the performance of acquired
businesses; preservation of positive labor relationships;
competition, including pricing, within the corporate identity
apparel and facility services industry; and the availability of
capital to finance planned growth. Additional information
concerning potential factors that could affect future financial
results is included in our Annual Report on Form 10-K for the
fiscal year ended July 3, 2004. About G&K Services, Inc.
Headquartered in Minneapolis, Minnesota, G&K Services, Inc. is
a market leader in branded identity apparel programs and facility
services in the United States, and is the largest such provider in
Canada. G&K operates over 140 processing facilities and branch
offices, serving more than 160,000 customers.
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