Linamar Excercises the $100 Million Accordion Feature of Its Credit Facility
March 23 2012 - 9:43AM
Marketwired
Linamar Corporation ("Linamar") (TSX:LNR) announces that it has
exercised the $100 million accordion feature from the $600 million
credit facility that was renewed in March 2011. The exercise of
this feature increases the credit facility size to $700 million and
does not impact any other terms or conditions within the credit
facility including the term or covenant requirements of the
agreement.
Linda Hasenfratz, Linamar's CEO, stated that "we are pleased
with the strong support of our bank group to increase the credit
facility to $700 million. We believe that increased facility shows
the strength of Linamar's financial position and our reputation as
a solid, reliable company with a good track record and great growth
potential."
Linamar Corporation (TSX:LNR) is a diversified global
manufacturing Company of highly engineered products powering
vehicles, motion, work and lives. The Company is made up of 2
operating segments - the Powertrain/Driveline segment and the
Industrial segments which are further divided into 4 key divisions
- Manufacturing, Driveline, Industrial Commercial Energy ("ICE")
and Skyjack, all world leaders in the design, development and
production of highly engineered products. The Company's
Manufacturing and Driveline divisions focus on precision metallic
components, modules and systems for engine, transmission and
driveline systems designed for passenger vehicle markets. The ICE
group concentrates on similar products for on and off highway
vehicle, energy and other industrial markets. The Company's Skyjack
division is noted for its innovative, high quality mobile
industrial equipment, notably its class-leading aerial work
platforms and telehandlers. With more than 16,000 employees in 39
manufacturing locations, 5 R&D centers and 15 sales offices in
12 countries in North America, Europe and Asia, Linamar generated
sales of more than $2.8 Billion in 2011. For more information about
Linamar Corporation and its industry leading products and services,
visit www.linamar.com.
Certain information regarding Linamar set forth in this
document, including management's assessment of the Company's future
plans and operations may constitute forward-looking statements.
This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to
predict. Actual results may differ materially from these
anticipated in the forward-looking statements due to factors such
as customer demand and timing of buying decisions; product mix;
competitive products; the cost, timing and effectiveness of cost
reduction initiatives; and pricing pressure. In addition,
uncertainties and difficulties in domestic and foreign financial
markets and economies could adversely affect demand from customers.
These factors, as well as general market, economic and political
conditions, may in turn have a material adverse effect on the
Company's financial results. The Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the
forward-looking statements.
Contacts: Linamar Corporation Linda Hasenfratz Chief Executive
Officer 519-836-7550 Linamar Corporation Dale Schneider Chief
Financial Officer 519-836-7550 www.linamar.com
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