Gardner Denver, Inc. Announces $200 Million Bank Credit Facility

12.03.2002

QUINCY, Ill., March 7 /PRNewswire-FirstCall/ -- Gardner Denver,

Inc. (NYSE: GDI) announced today that it has entered into a $200

million amended and restated credit agreement with a syndicate of

ten banks. The agreement provides for $150 million of revolving

credit for a three-year period, amending a similar $125 million

facility which would have expired in January 2003.

Subject to lender approval, the Company may request up to

two one-year extensions. The agreement also provides for an additional $50

million five-year term loan. The Company used proceeds from this term loan to

repay its $50 million interim credit facility which would have expired later

this month. This interim facility was established in September 2001,

primarily to finance the Company's acquisition of Hoffman Air and Filtration

Systems. Based on the current LIBOR rate, the initial interest rate for both

the revolving credit and term loan is approximately 3.4%. Approximately $70

million is currently available under the revolving credit for general

corporate purposes, including capital expenditures and business acquisitions.

Gardner Denver, with 2001 revenues of $420 million, is a leading

manufacturer of compressors and blowers for various industrial applications

and pumps used in the petroleum and industrial markets. Gardner Denver's news

releases are available by facsimile (800-758-5804, extension 303875) or by

visiting the Company's website

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