ANDERSON, Ind., Dec. 27 /PRNewswire/ -- Remy International, Inc. announced
today that it has successfully completed an $80 million term loan financing as
part of an amendment to the Company's senior secured credit facility. The net
proceeds from the term loan were used to pay down existing revolving loans
under the Company's existing revolving credit facility, thereby providing
incremental liquidity to the Company. The term loan matures on June 30, 2008.
Commenting on the transaction, Tom Snyder, Chief Executive Officer, said:
"We are very pleased that the credit markets have responded favorably to our
proposal, showing confidence in our plans for moving forward."
Raj Shah, Chief Operating Officer, also commented, "Our increased
liquidity provides us with greater flexibility in implementing the initiatives
begun in 2005 to improve our competitiveness and financial performance. Our
actions include significant cost reductions at the manufacturing level, driven
by plant and product rationalization, customer price increases, and
substantial administrative and other overhead reductions. Meanwhile, we
continue to invest in product technology to support the launches of awarded
programs that drive our global growth."
About Remy International, Inc.:
Remy International, Inc., headquartered in Anderson, Indiana, is a leading
manufacturer, remanufacturer and distributor of Delco Remy brand heavy-duty
systems and Remy brand starters and alternators, diesel engines, locomotive
products and hybrid power technology. The Company also provides a worldwide
components core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial applications.
Remy was formed in 1994 as a partial divestiture by General Motors Corporation
of the former Delco Remy Division, which traces its roots to Remy Electric,
founded in 1896.
Caution Regarding Forward-Looking Statements:
This press announcement contains statements relating to future results of
the Company that are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995 (the "Act") or by the Securities and
Exchange Commission ("SEC") in its rules, regulations and releases. The
Company desires to take advantage of the "safe harbor" provisions in the Act
for forward-looking statements made in this press announcement. Any
statements set forth in this press announcement with regard to its
expectations as to financial results and other aspects of its business may
constitute forward-looking statements. These statements relate to the
Company's future plans, objectives, expectations and intentions and may be
identified by words like "believe," "expect," "may," "will," "should," "seek,"
or "anticipate," and similar expressions. The Company cautions readers that
any such forward-looking statements are based on assumptions that the Company
believes are reasonable, but are subject to a wide range of risks including,
but not limited to, risks associated with the uncertainty of future financial
results and liquidity, the incremental liquidity provided by the term loan is
subject to borrowing base and other limitations on the Company's ability to
borrow money under its revolving credit facilities or otherwise, acquisitions
and integration costs, additional financing requirements, development of new
products and services, the effect of competitive products or pricing, the
effect of commodity prices, restructuring and cost reduction risks, enterprise
resource planning implementation risks, customs duty and labor claims,
conditions in the automotive industry, the Delphi bankruptcy, foreign currency
fluctuations, costs related to re-sourcing and outsourcing products, the
effect of economic conditions and other uncertainties detailed from time to
time in the Company's filings with the SEC. Due to these uncertainties, the
Company cannot assure readers that any forward-looking statements will prove
to have been correct.
Remy International Web Site: http://www.RemyInc.com
SOURCE Remy International, Inc.
 back to top
Related links:
http://www.remyinc.com
Company News On-Call:
http://www.prnewswire.com/comp/111635.html
CONTACT:
Keri Webb of Remy International Investor
Relations, +1-765-778-6602
|
