Bairnco Announces New Credit Agreement
June 02 2005 - 11:19AM
PR Newswire (US)
Bairnco Announces New Credit Agreement LAKE MARY, Fla., June 2
/PRNewswire-FirstCall/ -- Bairnco Corporation (NYSE:BZ) today
reported that the Corporation entered into an agreement with Bank
of America, N.A. and Wachovia Bank, N.A. effective May 20, 2005,
that established a new three year unsecured credit facility for a
maximum loan commitment of $25 million, including a revolving
credit facility and a letter of credit facility. The letter of
credit facility may not exceed $13 million. Bairnco Corporation is
a diversified multinational company that operates two distinct
businesses -- Arlon (Electronic Materials and Coated Materials
segments) and Kasco (Replacement Products and Services segment).
Arlon's principal products include high technology materials for
the printed circuit board industry, cast and calendered vinyl film
systems, custom-engineered laminates and special silicone rubber
compounds and components. Kasco's principal products include
replacement band saw blades for cutting meat, fish, wood and metal,
and on site maintenance primarily in the meat and deli departments.
Kasco also distributes equipment to the food industry in France.
CONTACT: Lawrence C. Maingot, Bairnco Corporation Telephone: (407)
875-2222, ext. 230 "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995 Statements in this press
release referring to the expected future plans and performance of
the Corporation are forward-looking statements. Actual future
results may differ materially from such statements. Factors that
could affect future performance include, but are not limited to,
changes in US or international economic or political conditions,
such as inflation or fluctuations in interest or foreign exchange
rates; changes in the pricing of the products of the Corporation or
its competitors; the impact on production output and costs from the
availability of energy sources and related pricing; the ability to
achieve anticipated revenue growth, synergies and other cost
savings in connection with acquisitions and plant consolidations;
the market demand and acceptance of the Corporation's existing and
new products; the impact of competitive products; changes in the
market for raw or packaging materials which could impact the
Corporation's manufacturing costs; changes in the product mix; the
loss of a significant customer or supplier; production delays or
inefficiencies; the costs and other effects of legal and
administrative cases and proceedings, settlements and
investigations; the costs and other effects of complying with
environmental regulatory requirements; disruptions in operations
due to labor disputes; and losses due to natural disasters where
the Corporation is self-insured. While the Corporation periodically
reassesses material trends and uncertainties affecting the
Corporation's results of operations and financial condition in
connection with its preparation of its press releases, the
Corporation does not intend to review or revise any particular
forward-looking statement referenced herein in light of future
events. DATASOURCE: Bairnco Corporation CONTACT: Lawrence C.
Maingot, Bairnco Corporation, +1-407-875-2222, ext. 230 Web site:
http://www.bairnco.com/
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