Raven Industries Announces Replacement of Corporate Credit Facility
September 23 2019 - 4:58PM
Raven Industries, Inc. (the Company) (NASDAQ:
RAVN), announced today that it has entered a new,
three-year, $100 million senior unsecured multi-currency revolving
credit facility (the “Credit Facility”), with BofA Securities, Inc.
acting as sole bookrunner and lead arranger. The Credit Facility
also includes an uncommitted $100 million borrowing availability
expansion feature, which would bring the Company’s total borrowing
capacity to $200 million. This new Credit Facility replaces the
Company’s prior credit agreement, which was scheduled to expire
next fiscal year.
“We have a strong track record of putting capital to work where
it can generate very attractive financial returns,” said Steven
Brazones, Vice President and CFO. “The Company’s strong earnings
and cash flows provide more than enough funding for our organic
growth strategy, but as we continue to evaluate a growing number of
strategic acquisition opportunities, it is important to maintain
access to committed financing at attractive borrowing rates. This
revolving credit facility accomplishes that and ensures continued
flexibility to pursue increased acquisition activity to augment our
long-term profit growth.”
About Raven Industries, Inc.:
Raven Industries (NASDAQ: RAVN) is dedicated to providing
innovative, high-value products and solutions that solve great
challenges throughout the world. Raven is a leader in precision
agriculture, high-performance specialty films, and lighter-than-air
technologies. Since 1956, Raven has designed, produced, and
delivered exceptional solutions, earning the company a reputation
for innovation, product quality, high performance, and unmatched
service. For more information, visit http://ravenind.com.
Forward-Looking Statements:
This news release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding the expectations, beliefs,
intentions or strategies regarding the future. The Company intends
that all forward-looking statements be subject to the safe harbor
provisions of the Private Securities Litigation Reform Act.
Generally, forward-looking statements can be identified by words
such as "may," "will," "plan," "believe," "expect," "intend,"
"anticipate," "potential," "should," "estimate," "predict,"
"project," "would," and similar expressions, which are generally
not historical in nature. However, the absence of these words or
similar expressions does not mean that a statement is not
forward-looking. All statements that address operating performance,
events or developments that we expect or anticipate will occur in
the future - including statements relating to our future operating
or financial performance or events, our strategy, goals, plans and
projections regarding our financial position, our liquidity and
capital resources, and our product development - are
forward-looking statements.
Management believes that these forward-looking statements are
reasonable as and when made. However, caution should be taken not
to place undue reliance on any such forward-looking statements,
because such statements speak only as of the date when made. Our
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. In addition,
forward-looking statements are subject to certain known risks, as
described in the Company’s 10K under Item 1A, and unknown risks and
uncertainties that may cause actual results to differ materially
from our Company’s historical experience and our present
expectations or projections.
Contact Information:Bo
LarsenInvestor Relations DirectorRaven Industries, Inc.+1 (605)
336-2750
Source: Raven Industries
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