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. Banc One Capital
Markets, Inc. served as lead arranger for the senior unsecured facility.
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 ( http://www.gardnerdenver.com ).
All of the statements in this release, other than historical facts, are
forward-looking statements made in reliance upon the safe harbor of the
Private Securities Litigation Reform Act of 1995. As a general matter,
forward-looking statements are those focused upon anticipated events or trends
and expectations and beliefs relating to matters that are not historical in
nature. Such forward-looking statements are subject to uncertainties and
factors relating to Gardner Denver's operations and business environment, all
of which are difficult to predict and many of which are beyond the control of
the Company. These uncertainties and factors could cause actual results to
differ materially from those matters expressed in or implied by such
forward-looking statements. A list, and related discussion, of these
uncertainties and factors is contained in Gardner Denver's 10-Q filed with the
Securities and Exchange Commission on November 13, 2001 and is incorporated
herein by this reference.
SOURCE Gardner Denver, Inc.
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Related links:
http://www.gardnerdenver.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/303875.html
CONTACT:
Randall E. Schwedes, Assistant Treasurer of
Gardner Denver, Inc., +1-217-228-8224
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