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