Also Announces Additional Credit Facility in the Amount of $50 Million
QUINCY, Ill., Sept. 13 /PRNewswire/ -- Gardner Denver, Inc. (NYSE: GDI)
reported today that it has completed its previously announced acquisition of
Hoffman Air and Filtration Systems ("Hoffman") from Invensys plc. for a cash
purchase price of approximately $45 million. Hoffman's revenues were
approximately $41 million for the year ended March 31, 2001.
The Company also announced that it has obtained an interim credit facility
in the amount of $50 million. Funds drawn under the new facility were used
substantially to complete the Hoffman acquisition. The new facility has a
term of six months and will be refinanced at, or prior to, maturity with
longer-term financing. Upon the execution of this interim facility, all of
the Company's bank debt was repriced to reflect market rates for companies
with comparable levels of indebtedness. Based on current one-month LIBOR
rates, the effective interest rate on these credit facilities is approximately
5%. Bank One N.A., agent for the Company's previously existing $125 million
bank facility, served as agent for the new facility.
Gardner Denver, with 2000 revenues of $379 million, is a leading
manufacturer of reciprocating, rotary and vane 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 August 14, 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/comp/303875.html
CONTACT:
Helen W. Cornell, Vice President, Strategic
Planning and Operations Support of Gardner Denver,
+1-217-228-8209
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