Merix Announces Increased Credit Availability Under Its Bank Credit Agreement
May 26 2009 - 9:25AM
Marketwired
Merix Corporation (NASDAQ: MERX), a leading provider of
high-reliability printed circuit boards, today announced an
amendment that increases the availability under its bank line of
credit with Bank of America, N.A. The amendment provides for an
expansion of accounts receivable eligible to support the borrowing
base and also adjusts the credit agreement pricing grid.
"We are pleased with Bank of America's continuing partnership
with our Company," said Michael D. Burger, President and Chief
Executive Officer of Merix Corporation. "Obtaining a favorable
amendment is remarkable in today's credit environment and we
believe it reflects Bank of America's continuing support for our
business and corporate strategy. Further, the estimated impact of
the amendment increases our eligible borrowing base today by
approximately $7 million to $8 million and also increases our
average interest rate by one percentage point. Total borrowings
remain unchanged from the end of our last fiscal quarter, February
28, 2009, with $8 million outstanding. Approximately $38 million is
unutilized under the bank credit facility."
About Merix
Merix is a leading manufacturer of technologically advanced
multilayer rigid printed circuit boards for use in sophisticated
electronic equipment. Merix provides high-performance materials,
quick-turn prototype, pre-production and volume production services
to its customers. Principal markets served by Merix include
communications and networking, computing and peripherals, test,
industrial and medical, defense and aerospace, and automotive end
markets in the electronics industry. Additional corporate
information is available on the internet at www.merix.com.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of the Securities Litigation Reform Act of 1995 relating to
the Company's business operations and prospects and are made
pursuant to the safe harbor provisions of the federal securities
laws. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those anticipated by these forward-looking statements. The
forward-looking statements in this news release are based on
current expectations, and Merix Corporation does not undertake to
update any such factors or to publicly announce developments or
events relating to the matters described herein.
Merix Investor Relations Contact: Allen Muhich, Vice President -
Finance 503.716.3700
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