United Industrial Subsidiary AAI Corporation Obtains New $100 Million Revolving Credit Facility Arranged by SunTrust Robinson Hu
19 7월 2005 - 10:00PM
PR Newswire (US)
United Industrial Subsidiary AAI Corporation Obtains New $100
Million Revolving Credit Facility Arranged by SunTrust Robinson
Humphrey HUNT VALLEY, Md., July 19 /PRNewswire-FirstCall/ -- United
Industrial Corporation (NYSE:UIC) announced today that its
wholly-owned subsidiary AAI Corporation has successfully completed
a $100 million four-year revolving credit facility with a syndicate
of six banks. Demonstrating confidence in AAI's business and
continued growth, the transaction was oversubscribed. SunTrust
Robinson Humphrey, a division of SunTrust Capital Markets, Inc.,
acted as lead arranger of the financing with SunTrust Bank acting
as administrative agent. Additional members of the syndication
include: Citibank as syndication agent, Key Bank and PNC Bank as
co-documentation agents, and Commerce Bank and Provident Bank as
additional participants. The proceeds of the senior secured
revolving credit facility will be used to fund future acquisitions,
finance capital expenditures, provide working capital, fund letters
of credit, and for other general corporate purposes. In addition,
the new revolving credit facility, which is guaranteed by United
Industrial, contains typical covenants such as the maintenance of
certain leverage and fixed charge coverage ratios, as well as a
minimum tangible net worth ratio. "We appreciate the strong
interest we received from the banking community," said James H.
Perry, vice president and chief financial officer of UIC and AAI.
"This new credit facility provides AAI with additional financial
resources and flexibility to pursue our growth objectives." United
Industrial Corporation is a company focused on the design,
production, and support of defense systems. Its products and
services include unmanned aerial vehicle systems, test and
simulation systems, automated aircraft test and maintenance
equipment, and logistical/engineering services. The company also
manufactures combustion equipment for biomass and refuse fuels. For
more information, visit http://www.unitedindustrial.com/ and
http://www.aaicorp.com/. Except for the historical information
contained herein, information set forth in this news release may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and variations of such words and similar expressions
that indicate future events and trends are intended to identify
such forward-looking statements, which include, but are not limited
to, projections of revenues, earnings, segment performance, cash
flows, and contract awards. These forward-looking statements are
subject to risks and uncertainties, which could cause the company's
actual results or performance to differ materially from those
expressed or implied in such statements. The company makes no
commitment to update any forward-looking statement or to disclose
any facts, events, or circumstances after the date hereof that may
affect the accuracy of any forward-looking statement. For
additional information about the company and its various risk
factors, please see the company's most recent annual report on Form
10-K and other documents as filed with the Securities and Exchange
Commission. DATASOURCE: United Industrial Corporation CONTACT:
Stuart F. Gray of UIC, +1-410-628-8686, Web site:
http://www.unitedindustrial.com/ http://www.aaicorp.com/ Company
News On-Call: http://www.prnewswire.com/comp/113559.html
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