Systemax Inc. Announces Extended Credit Agreement
November 02 2010 - 3:24PM
Business Wire
Systemax Inc. (NYSE: SYX) today announced that on October
27, 2010 it entered into an amended and restated credit agreement
between the Company and certain subsidiaries and a syndicate of
leading banks.
The credit agreement provides for a five-year revolving credit
facility of $125 million, with the opportunity to increase to $200
million, subject to terms and conditions. The agreement is secured,
with certain limited exclusions, by the assets of the borrowers and
allows for borrowings based on amounts of qualifying assets,
principally accounts receivable and inventories. The Lead Arranger
and Bookrunner is J.P. Morgan Securities LLC.; the Administrative
Agent is JPMorgan Chase Bank, N.A. along with Co-Agents HSBC Bank
USA, N.A. and Wells Fargo Capital Finance, LLC, part of Wells Fargo
& Company.
Larry Reinhold, Executive Vice President and Chief Financial
Officer, commented, “The increased facility reflects lenders’
confidence in Systemax and ensures we have sufficient funding for
our current business operations.”
The Company will be filing a Form 8-K with the Securities and
Exchange Commission, which will include additional details about
the agreement.
About Systemax Inc.
Systemax Inc. (http://www.systemax.com), a Fortune 1000 company,
sells personal computers, computer components and supplies,
consumer electronics and industrial products through a system of
branded e-Commerce web sites, retail stores, relationship marketers
and direct mail catalogs in North America and Europe. The primary
brands are TigerDirect, CompUSA, Circuit City, MISCO, WStore and
Global Industrial.
Forward-Looking Statements
This press release contains forward-looking statements about the
Company’s performance. These statements are based on management’s
estimates, assumptions and projections and are not guarantees of
future performance. The Company assumes no obligation to update
these statements. Actual results may differ materially from results
expressed or implied in these statements as the result of risks,
uncertainties and other factors including, but not limited to: (a)
unanticipated variations in sales volume, (b) economic conditions
and exchange rates, (c) actions by competitors, (d) the
continuation of key vendor relationships, (e) the ability to
maintain satisfactory loan agreements with lenders, (f) risks
associated with the delivery of merchandise to customers utilizing
common carriers, (g) the operation of the Company’s management
information systems, and (h) unanticipated legal and administrative
proceedings. Please refer to “Risk Factors” and the Forward Looking
Statements sections contained in the Company’s Form 10-K for a more
detailed explanation of the inherent limitations in such
forward-looking statements.
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