Checkpoint Systems, Inc. Announces New $125 Million Revolving Credit Facility
May 05 2009 - 9:00AM
Business Wire
Checkpoint Systems, Inc. (NYSE: CKP) today announced that
it has entered into a new revolving credit facility effective April
30, 2009.
The new revolving credit facility is a $125 million three-year
senior secured multi-currency revolving credit facility with a
syndicate of seven lenders co-led by Wachovia Bank, National
Association and Citizens Bank of Pennsylvania.
Borrowings under the credit agreement bear interest rates of
LIBOR plus an applicable margin ranging from 2.50% to 3.75% and/or
prime rate plus 1.50% to 2.75%. The interest rate matrix is based
on a leverage ratio of consolidated funded debt to EBITDA, as
defined under the revolving credit agreement.
�We view our ability to renew our revolving credit facility in
this tight credit market as a positive reflection on the financial
strength of Checkpoint,� said Rob van der Merwe, Chairman,
President and Chief Executive Officer of Checkpoint Systems,
Inc.
Complete details are available in the Form 8-K filed today with
the U.S. Securities and Exchange Commission.
Checkpoint Systems,
Inc.
Checkpoint Systems, Inc. is a leading manufacturer and provider
of end-to-end shrink management, supply chain visibility and
labeling solutions to the retail and apparel industry. Checkpoint�s
advanced technologies enable retailers and their suppliers to keep
close track of merchandise, prevent loss through shrink or
misplacement, and boost sales by having the right goods available
when shoppers are ready to buy. Checkpoint also provides complete
apparel labeling solutions. A global network of service bureaus
gives customers a single source for all their labeling needs.
Checkpoint operates in every major geographic market. For more
information, visit Checkpoint Systems.
Caution Regarding Forward-Looking
Statements
This press release includes information that constitutes
forward-looking statements. Forward-looking statements often
address our expected future business and financial performance, and
often contain words such as �expect,� �anticipate,� �intend,�
�plan,� believe,� �seek,� or �will.� By their nature,
forward-looking statements address matters that are subject to
risks and uncertainties. Any such forward-looking statements may
involve risk and uncertainties that could cause actual results to
differ materially from any future results encompassed within the
forward-looking statements. Factors that could cause or contribute
to such differences include: our ability to integrate the
acquisition of the Alpha S3 business and to achieve our financial
and operational goals for Alpha S3; changes in international
business conditions; foreign currency exchange rate and interest
rate fluctuations; lower than anticipated demand by retailers and
other customers for our products; slower commitments of retail
customers to chain-wide installations and/or source tagging
adoption or expansion; possible increases in per unit product
manufacturing costs due to less than full utilization of
manufacturing capacity as a result of slowing economic conditions
or other factors; our ability to provide and market innovative and
cost-effective products; the development of new competitive
technologies; our ability to maintain our intellectual property;
competitive pricing pressures causing profit erosion; the
availability and pricing of component parts and raw materials;
possible increases in the payment time for receivables as a result
of economic conditions or other market factors; changes in
regulations or standards applicable to our products; the ability to
implement cost reduction in field service, sales, and general and
administrative expense, and our manufacturing and supply chain
operations without significantly impacting revenue and profits; our
ability to maintain effective internal control over financial
reporting; and additional matters disclosed in our Securities and
Exchange Commission filings. We do not undertake to update our
forward-looking statements, except as required by applicable
securities laws.
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