The company intends to use the proceeds of the financings described above to repay approximately $356 million of outstanding term loans under its existing credit facility, to replace the $155 million synthetic letter of credit facility and the $320 million revolving line of credit
provided under its existing senior credit facility.
The company has borrowed approximately $645,000 under the revolving line of credit
facility to repay the company's existing line of credit facility with PFG, which was due to mature on December 15, 2006.
Proceeds from the revolving line of credit
are expected to be used for working capital and general corporate purposes in addition to the opportunistic purchase of hotels in the future.
Burke, Vice President of Finance and Chief Financial Officer of Boston Technology said, "The increase in our revolving line of credit
facility from $15 million to $20 million provides the Company with additional back-up working capital availability to satisfy the requirements of our domestic and international customers; while the renewal of the foreign exchange lines of credit permit the Company to continue to minimize the effects of changes in currency rates arising from its increasing international activities.
Jones, President and Chief Executive Officer of Encore Wire Corporation, said, "We expanded our revolving line of credit
to keep pace with the growth of Encore Wire and to meet the increased working capital requirements our industry is experiencing.
On June 6, the Company entered into a $10 million secured revolving line of credit
with M&T Bank, and contributed the proceeds to the Bank as Tier I capital.
25% APR currently), features a revolving line of credit
based on the value of eligible securities placed in an investment account at Merrill Lynch, Pierce, Fenner & Smith Incorporated.
24 /PRNewswire/ -- The Presley Companies (NYSE: PDC) today reported that discussions were progressing with its lenders to restructure the company's $340 million revolving line of credit
for a revolving line of credit
of up to $4 million, which will supplement the existing line of credit provided by Silicon Valley Bank.
15, 1996, includes a revolving line of credit
which provides for borrowings of up to $26,500,000 and a $3,500,000 term loan.
5 million bank revolving line of credit
with a two year $5.