CHICAGO, Jan. 7 /PRNewswire/ -- Burns International Services Corporation
(NYSE: BOR) announced today that it has amended its senior credit facility to
provide for additional borrowing capacity and has arranged for a temporary
additional credit facility in an amount up to $15 million for working capital
purposes during the transition to its new accounting and invoicing system.
While the temporary facility is not expected to be utilized, the company has
experienced some invoicing delays which have increased borrowing requirements
over the year-end. During this transition period, the company has maintained
its high quality of customer service and any increase in debt is anticipated
to be temporary with a return to normal levels during the first quarter.
Costs for the arrangements are modest and the company remains confident in
its 1999 earnings outlook.
Chicago-based Burns International Services Corporation is North America's
premier provider of physical security and related services with 75,000
employees and more than 300 offices throughout the United States, Canada, the
United Kingdom, Ireland and Colombia. The company offers a complete range of
security solutions involving armed and unarmed physical security, foot and
vehicle patrol, access control and monitoring, background and drug screening,
investigative services, contract staffing, and other specialized security and
support services.
For a copy of this press release or for additional information on the
company, contact the company's web site at http://www.burnsinternational.com or
http://www.prnewswire.com .
SOURCE Burns International Services Corporation
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Related links:
http://www.burnsinternational.com
Company News On-Call:
http://www.prnewswire.com/comp/120940.html or fax,
800-758-5804, ext. 120940
CONTACT:
Analysts, Anne Ireland, 312-322-8550, or
Media, Lynne Glovka, 312-322-8511, both of Burns International
Services Corporation
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