Bairnco Announces New Credit Agreement
November 13 2006 - 4:11PM
PR Newswire (US)
LAKE MARY, Fla., Nov. 13 /PRNewswire-FirstCall/ -- Bairnco
Corporation (NYSE:BZ) today reported that the Corporation entered
into an agreement with Bank of America, N.A. effective November 9,
2006, that established a new five year secured credit facility (the
"Credit Facility") for a maximum loan commitment of $42 million,
including a $27 million term loan, a $15 million revolving credit
facility and a letter of credit facility. The letter of credit
facility may not exceed $13 million. This Credit Facility replaces
the previous facility that had been amended on October 11, 2006 and
matured on November 10, 2006. "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; the impact on production output and costs
from the availability of energy sources and related pricing;
changes in the market for raw or packaging materials which could
impact the Corporation's manufacturing costs; changes in the
product mix; changes in the pricing of the products of the
Corporation or its competitors; the market demand and acceptance of
the Corporation's existing and new products; the impact of
competitive products; the loss of a significant customer or
supplier; production delays or inefficiencies; the ability to
achieve anticipated revenue growth, synergies and other cost
savings in connection with acquisitions and plant consolidations;
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. 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. 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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