Bairnco Announces Expanded Credit Agreement
October 11 2006 - 6:00PM
PR Newswire (US)
LAKE MARY, Fla., Oct. 11 /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 October 10, 2006, that amends and increases the
existing credit facility to a maximum loan commitment of $33
million. This amended credit facility is collateralized by
substantially all of the domestic assets of the Corporation and
matures on November 10, 2006. This credit facility is expected to
be replaced on or before that time by a new credit facility which
is currently being negotiated. 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. "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: Kenneth L. Bayne
of Bairnco Corporation, +1-407-875-2222, ext. 227 Web site:
http://www.bairnco.com/
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