Blonder Tongue Obtains Commitment for $13,500,000 Debt Refinancing
October 28 2005 - 1:06PM
Business Wire
Blonder Tongue Laboratories, Inc. (AMEX: "BDR") today announced it
has signed a commitment letter with National City Business Credit
to refinance its existing indebtedness with Commerce Bank. The
refinancing consists of a $10,000,000 asset-based revolving line of
credit and a $3,500,000 amortizing term loan facility. The term
loan facility will require principal payments of $19,444 on a
monthly basis. The refinancing matures in three years from the date
of closing. All assets of the Company will secure the $13,500,000
facility. The Company anticipates closing on the facility during
the fourth quarter of 2005. Eric S. Skolnik, Chief Financial
Officer commented: "We are extremely pleased with National City's
proposal. This new facility will improve our cash flow and provide
us with greater flexibility to fund current operations and any
future initiatives." Founded in 1950, Blonder Tongue Laboratories
is a leading U.S. designer, manufacturer, and supplier of a
comprehensive line of broadband systems equipment and technical
engineering services for Voice, Video and Data service providers.
With Blonder Tongue's optimized technologies, simplified deployment
and qualified technical assistance, the service provider reduces
costs, increases customer satisfaction and increases profitability.
For more information regarding Blonder Tongue or its products,
please visit the Company's Web site at www.blondertongue.com or
contact the Company directly at (732) 679-4000. "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995: The information set forth above includes "forward-looking"
statements and accordingly, the cautionary statements contained in
Blonder Tongue's Annual Report and Form 10-K/A for the year ended
December 31, 2004 (See Item 1: Business and Item 7: Management's
Discussion and Analysis of Financial Condition and Results of
Operations and Risk Factors), and other filings with the Securities
and Exchange Commission are incorporated herein by reference. The
words "believe", "expect", "anticipate", "project", and similar
expressions identify forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect management's analysis only as of the date
hereof. Blonder Tongue undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof. Blonder Tongue's actual results
may differ from the anticipated results or other expectations
expressed in Blonder Tongue's "forward-looking" statements.
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