$50 million, 5-year Revolving Line of Credit
NEWPORT BEACH, Calif., July 6 /PRNewswire/ -- SM&A Corporation
(Nasdaq: WINS), the nation's premier provider of integrated proposal
management, systems engineering and information technology solutions, today
announced an increase in its revolving line of credit designed to support the
company's internal growth and acquisition strategies.
The bank group consists of Mellon Bank, N.A., Wells Fargo Bank, N.A. and
Imperial Bank. The credit facility, which contains customary financial
covenants, was increased from $25 million to $50 million with an extension of
its maturity to 2004. The new credit facility will be used to fund internal
growth, acquisitions and general working capital needs.
Commenting on the announcement, SM&A's President and COO Michael A.
Piraino stated, "The size and structure of our new credit facility will enable
the Company to maintain greater financial flexibility as we continue to
execute on our growth strategy. Mellon Bank, the lead bank, and the syndicate
banks have spent a significant amount of time understanding our business and
validating our growth strategies, and we are quite pleased to be able to
affiliate ourselves with such a top tier group of banks. We look forward to a
long-term relationship with them."
About SM&A
With over 700 highly talented employees, SM&A provides integrated proposal
management, high-end systems engineering, program integration and information
technology products and services to aerospace, defense, communications, and
engineering companies. Statements herein concerning the company's growth and
strategies may include forward-looking statements. The company's actual
results may differ materially from those suggested as a result of various
factors, including, without limitation, the company's ability to recruit and
retain qualified technical personnel; identify, acquire, and integrate
suitable acquisition candidates; obtain sufficient working capital to support
such growth; and compete successfully with existing and future competitors.
Interested parties should refer to the disclosure set forth under the caption
"Risk Factors" and elsewhere in the company's Form 10-K for the year ended
December 31, 1998, and the company's Form 10-Q for the quarter ended
March 31,1999 for additional information regarding risks affecting the
company's financial condition and results of operations. Additional
information on SM&A is now available via the Internet's World Wide Web at
http://www.smawins.com . For more investor information via facsimile, please
call 1-800-PRO-INFO and enter client code SM&A.
SOURCE SM&A Corporation
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Related links:
http://www.smawins.com
CONTACT:
Michael A. Piraino, President and COO of SM&A
Corporation, 949-975-1550
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