Hardinge Inc. Secures New $100 Million Multi-Currency Credit Facility
17 Junho 2008 - 9:30AM
PR Newswire (US)
ELMIRA, N.Y., June 17 /PRNewswire-FirstCall/ -- Hardinge Inc.
(NASDAQ:HDNG), a leading global provider of advanced
material-cutting solutions, today announced that it has entered
into a new five-year $100 million multi-currency secured credit
facility arranged through JPMorgan Chase Bank, N.A., acting as
administrative agent and lead arranger with Bank of America, N.A.
as syndication agent and KeyBank National Association and HSBC Bank
USA, National Association as co-documentation agents with Wells
Fargo and Credit Suisse as participants. "We are pleased to have
access to the added financial strength and flexibility afforded by
our new multi-currency credit facility," said Richard L. Simons,
President and Chief Executive Officer. "With more than two-thirds
of Company revenue originating outside of the US, Hardinge will
benefit significantly from having the ability to borrow in a
variety of currencies and jurisdictions. We expect our new credit
facility to enhance our ability to respond to global
opportunities." The Company's new multi-currency credit facility
replaced a secured credit facility which was due to mature January
2011. "The new secured credit facility is expected to be adequate
to enable Hardinge to meet all of its anticipated operating
requirements, as well as handle worldwide cash flows more
efficiently," said Edward J. Gaio, Vice President and Chief
Financial Officer. "In addition, our ability to partner with a
prestigious group of global banks will provide a variety of world
class, value added treasury services to our business." The
agreement provides for a revolving loan facility allowing for
borrowing of up to $100.0 million. Currently, the Company has
borrowed approximately $21.5 million against the facility limit.
Hardinge is a global designer, manufacturer and distributor of
machine tools, specializing in high-precision, computer controlled,
material-cutting machines. The Company's products are distributed
to most of the industrialized markets around the world and in 2007
approximately 66% of sales were from outside of North America.
Hardinge has a very diverse international customer base and serves
a wide variety of end-user markets. Along with metalworking
manufacturers, which make parts for a variety of industries, our
customers include a wide range of end users in the aerospace,
agricultural, transportation, basic consumer goods, communications
and electronics, construction, defense, energy, pharmaceutical and
medical equipment, and recreation industries, among others. The
Company has manufacturing operations in the United States,
Switzerland, Taiwan and China. Hardinge's common stock trades on
NASDAQ Global Select Market under the symbol, "HDNG." For more
information, please visit http://www.hardinge.com/. This news
release contains forward-looking statements (within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended). Such
statements are based on management's current expectations that
involve risks and uncertainties. Any statements that are not
statements of historical fact or that are about future events may
be deemed to be forward-looking statements. For example, words such
as "may," "will," "should," "estimates," "predicts," "potential,"
"continue," "strategy," "believes," "anticipates," "plans,"
"expects," "intends," and similar expressions are intended to
identify forward-looking statements. The company's actual results
or outcomes and the timing of certain events may differ
significantly from those discussed in any forward-looking
statements. The company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events, or otherwise. Contact: Edward J. Gaio
Vice President and CFO (607) 378-4207 DATASOURCE: Hardinge Inc.
CONTACT: Edward J. Gaio, Vice President and CFO, Hardinge Inc.,
+1-607-378-4207 Web site: http://www.hardinge.com/
Copyright
Hardinge Inc. (delisted) (NASDAQ:HDNG)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Hardinge Inc. (delisted) (NASDAQ:HDNG)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024