The L.S. Starrett Company Announces new Credit Facilities and Global Banking Relationship with HSBC Bank
29 Abril 2022 - 5:02PM
The L.S. Starrett Company (NYSE: SCX) (“Starrett” or “the Company”)
a global innovator, manufacturer and marketer of precision
measuring tools, cutting tools and equipment, and high-end
metrology solutions for industrial, professional, and consumer
markets, today announced a new loan agreement with expanded credit
facilities and a new global banking relationship with HSBC bank.
The new agreement replaced the Company’s previous TD Bank credit
facilities and is comprised of a $30 million revolving line of
credit, a $12.1 million term loan and a $7 million capital
expenditure draw down credit facility. The facilities are secured
by a valid first-priority security interest on substantially all
existing and future assets of the Company and its domestic
subsidiaries. The Company believes that the agreement provides
sufficient liquidity and flexibility to support the current and
projected growth needs of the company.
The new credit facilities contain financial covenants and the
customary affirmative and negative covenants, including limitations
on indebtedness, liens, acquisitions, asset dispositions,
fundamental corporate changes, excess pension contributions, and
certain customary events of default.
The Global banking relationship is expected to enhance the
Company’s overall global liquidity and treasury management
capabilities.
About The L.S. Starrett Company:
Founded in 1880 by Laroy S. Starrett and incorporated in 1929,
The L.S. Starrett Company is a leading manufacturer of high-end
precision tools, cutting equipment, and metrology systems for
industrial, professional and consumer markets and is engaged in the
business of manufacturing over 5,000 different products for
industrial, professional and consumer markets. The Company has a
long history of global manufacturing experience and currently
operates three major global manufacturing plants. All subsidiaries
principally serve the global manufacturing industrial base with
concentration in the metalworking, construction, machinery,
equipment, aerospace and automotive markets. The Company offers its
broad array of measuring and cutting products to the market through
multiple channels of distribution throughout the world. Starrett is
a brand recognized around the world for precision, quality and
innovation. For more information, please visit:
https://www.starrett.com.
About HSBC Bank
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. HSBC serves customers worldwide from
offices in 64 countries and territories in our geographical
regions: Europe, Asia, North America, Latin America, the Middle
East and North Africa. With assets of US$2,958 billion at 31
December 2021, HSBC is one of the world’s largest banking and
financial services organizations.
Forward-Looking Statements:
This press release may contain forward-looking statements
concerning the Company’s expectations, anticipations, intentions,
beliefs or strategies regarding the future. These forward-looking
statements are based on its current expectations and beliefs
concerning future developments and their potential effects on the
Company. There can be no assurance that future developments
affecting the Company will be those that it has anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond its control) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements, and other risks and uncertainties described in its
Annual Report on Form 10-K, which was filed with the Securities and
Exchange Commission on September 2, 2021 in the section entitled
"Risk Factors," and in its other filings from time to time with the
Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should any of its
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
The Company undertakes no obligation to publicly update or revise
any forward-looking statements.
Contact:
John C. Tripp
Chief Financial Officer
(978) 249-3551
jtripp@starrett.com
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