Sybron Dental Specialties, Inc. Enters Into New Credit Facility
29 Marzo 2006 - 2:30PM
PR Newswire (US)
NEWPORT BEACH, Calif., March 29 /PRNewswire-FirstCall/ -- Sybron
Dental Specialties, Inc. (NYSE:SYD) announced today that it entered
into a new credit facility on March 23, 2006, which provides the
Company with expanded borrowing capacity, reduced borrowing costs,
and less restrictive covenants. The new credit facility consists of
a five-year revolving credit facility that allows the Company to
borrow up to $250 million and includes an accordion feature that
provides the Company the option to pursue up to an additional $400
million of capacity; making the total potential capacity of the new
credit facility $650 million. The previous credit facility provided
the Company with a $150 million revolving credit facility. Initial
borrowings under the new revolving credit facility were used to
retire the outstanding borrowings under the Company's previous
credit facility, which stood at $35.8 million as of March 23, 2006.
Under Sybron Dental's current financial ratios, the new revolving
credit facility will carry an interest rate of LIBOR plus 62.5
basis points. The Company's previous revolving credit facility
carried an interest rate of LIBOR plus 175 basis points. "The
continued strengthening of our balance sheet and our strong cash
flow generation enabled us to refinance our credit facility on very
favorable terms for the Company," said Bernard J. Pitz, Chief
Financial Officer of Sybron Dental Specialties. "The new credit
facility increases our ability to pursue attractive acquisitions,
which remains a key component of our long-term growth strategy. The
expanded borrowing capacity and less restrictive covenants will
also provide improved flexibility for addressing our future
financing needs." In conjunction with the refinancing, Sybron will
record a non-cash charge of approximately $1.9 million in the
quarter ended March 31, 2006, as it will expense a portion of the
remaining unamortized deferred financing fees related to its
previous credit facility. This non-cash charge was not included in
the financial estimates that the Company provided on February 6,
2006 for its second fiscal quarter of 2006. Approximately $1.3
million in fees and expenses related to the new credit facility, as
well as $1.7 million of deferred financing fees related to the
previous credit facility that will not be immediately expensed,
will be amortized over the term of the new credit facility.
BUSINESS DESCRIPTION Sybron Dental Specialties and its subsidiaries
are leading manufacturers of both a broad range of value-added
products for the dental profession, including the specialty markets
of orthodontics, endodontics and implantology, and a variety of
infection prevention products for use by the dental and medical
professions. CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Statements made in this press release regarding future matters are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements, including those dealing with the Company's expectations
as to the expected benefits from the new credit facility and future
acquisition activity are based on the Company's current
expectations. Our actual results may differ materially from those
currently expected or desired because of a number of risks and
uncertainties, including the availability of attractive acquisition
candidates, our ability to successfully identify acquisition
candidates and complete any acquisitions, and other factors
affecting the Company's business prospects discussed in filings
made by the Company, from time to time, with the SEC including the
factors discussed in the "Cautionary Factors" section in Item 7 of
the Company's most recent Annual Report on Form 10-K and its
periodic reports on Form 10-Q. We undertake no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events or otherwise. Contact: Bernard J.
Pitz Chief Financial Officer Phone: (949) 255-8700 DATASOURCE:
Sybron Dental Specialties, Inc. CONTACT: Bernard J. Pitz, Chief
Financial Officer of Sybron Dental Specialties, Inc.,
+1-949-255-8700
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