United Industrial Corporation Announces Increase in Revolving Credit Facility to $200 Million
04 6월 2007 - 10:15PM
PR Newswire (US)
HUNT VALLEY, Md., June 4 /PRNewswire-FirstCall/ -- United
Industrial Corporation (NYSE:UIC) and its wholly owned subsidiary,
AAI Corporation, announced today that they have successfully
completed an amendment and restatement of their existing revolving
credit facility - increasing its aggregate amount to $200 million
and extending its term by nearly three years to May 2012. The
credit facility also provides for potential additional commitments
for revolving loans not to exceed $100 million. This agreement,
with a syndicate of nine banks, supersedes the $100 million
revolving credit agreement established in July 2005. The proceeds
of the senior-secured, revolving credit facility will be used to
provide working capital; to finance capital expenditures, potential
acquisitions, letters of credit, and share repurchases; and for
other general corporate purposes. The revolving credit facility
contains typical covenants, such as the maintenance of certain
leverage and fixed-charge coverage ratios. Sole book manager
SunTrust Robinson Humphrey, a division of SunTrust Capital Markets,
Inc., and Citibank, N.A. acted as joint-lead arrangers of the
oversubscribed financing. Members of the syndication included:
SunTrust Bank as administrative agent, Citibank N.A. and JPMorgan
Chase Bank as co- syndication agents, KeyBank and PNC Bank as
co-documentation agents, and M&T Bank, General Electric Capital
Corporation, BB&T Bank, and Wachovia Bank. "We appreciate the
strong interest and confidence the banking community has in our
business and its continued growth," said James H. Perry, vice
president and chief financial officer of UIC and AAI. "This credit
facility provides us with additional financial resources, as well
as flexibility to pursue our growth strategy and maximize
shareholder value - including the doubling of our previously
announced share repurchase plan from $50 million to $100 million."
As of June 1, 2007, UIC had purchased 493,007 shares at a total
cost of $29.2 million, for an average price of $59.30 per share,
under the current share repurchase plan announced on May 11, 2007.
United Industrial Corporation designs, produces, and supports
aerospace and defense systems through its wholly owned subsidiary,
AAI Corporation, and AAI Corporation's direct and indirect wholly
owned subsidiaries, AAI Services Corporation, Aerosonde Pty Ltd,
Aerosonde North America Incorporated, ESL Defence Limited,
McTurbine Inc., and Symtx, Inc. Its high-technology products and
services include unmanned aircraft systems, training and simulation
systems, automated aerospace test and maintenance equipment,
armament systems, aviation ground support equipment, logistical and
engineering services, and maintenance, repair, and overhaul
activities. 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, 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 United Industrial
Corporation, +1-410-628-8686, Web site:
http://www.unitedindustrial.com/ Company News On-Call:
http://www.prnewswire.com/comp/113559.html
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