Gardner Denver, Inc. Announces $605 Million Syndicated Credit Facilities
14 Maggio 2005 - 12:34AM
PR Newswire (US)
Gardner Denver, Inc. Announces $605 Million Syndicated Credit
Facilities New Term Loan Completes Financing Arrangements for
Acquisition of Thomas Industries Inc. QUINCY, Ill., May 13
/PRNewswire-FirstCall/ -- Gardner Denver, Inc. (NYSE:GDI) announced
today that it has amended its existing credit agreement to provide
for a new $380 million five-year senior secured term loan facility
from a syndicate of 22 lenders in connection with its planned
acquisition of Thomas Industries Inc. (NYSE:TII). The new credit
agreement also restates Gardner Denver's existing $225 million
revolving credit facility. J.P. Morgan Securities Inc. and Bear,
Stearns & Co. Inc. served as Joint Lead Arrangers and Joint
Book Runners for the new term loan facility, and J.P. Morgan
Securities Inc. served as sole Lead Arranger and sole Book Runner
for the restated revolving credit facility. Funding of the $380
million term loan facility and of the restated revolving credit
facility is subject to completion of the Thomas acquisition and
other customary closing conditions. In the interim, Gardner
Denver's existing revolving credit and term loan facility will
remain in place. Gardner Denver plans to use the proceeds from the
new term loan to finance the pending Thomas acquisition and to
retire the outstanding balance of approximately $146 million under
its existing senior secured term loan. Based on the current
three-month LIBOR interest rate, the initial interest rate on the
new term loan would be approximately 5.0%. This $380 million term
loan facility in this amended credit agreement is the third of
three financing transactions recently announced by Gardner Denver
in connection with the Thomas acquisition. The Company also
announced a public offering of 5,658,000 shares of common stock and
a private placement of $125 million of senior subordinated notes.
The Thomas acquisition is expected to close by the end of third
quarter of 2005, subject to regulatory approvals, the approval of
Thomas' shareholders, and other customary closing conditions.
Cautionary Statement Regarding Forward-Looking Statements All of
the statements in this release, other than historical facts, are
forward-looking statements made in reliance upon the safe harbor of
the Private Securities Litigation Reform Act of 1995, including,
without limitations, the expected timing and completion of the
Thomas Industries acquisition. Actual results regarding the timing
and completion of such acquisition could differ materially from the
above statement due to various uncertainties and factors,
including, without limitation, the risk that conditions to
completion of the acquisition are not satisfied, including the
receipt of necessary required approvals or clearances from
antitrust regulatory authorities, the approval of the Thomas
Industries' stockholders and other customary closing conditions set
forth in the merger agreement. As a general matter, forward-looking
statements are those focused upon anticipated events or trends and
expectations and beliefs relating to matters that are not
historical in nature. Such forward-looking statements are subject
to uncertainties and factors relating to the Company's operations
and business environment, all of which are difficult to predict and
many of which are beyond the control of the Company. These
uncertainties and factors could cause actual results to differ
materially from those matters expressed in or implied by such
forward-looking statements. Gardner Denver, with 2004 revenues of
$740 million ($896 million on a pro forma basis including the
acquisition of Nash Elmo, which was completed in September 2004),
is a leading worldwide manufacturer of reciprocating, rotary and
vane compressors, liquid ring pumps and blowers for various
industrial and transportation applications, pumps used in the
petroleum and industrial markets, and other fluid transfer
equipment serving chemical, petroleum, and food industries. Gardner
Denver's news releases are available by visiting the Investor
Relations page on the Company's website (
http://www.gardnerdenver.com/ ). DATASOURCE: Gardner Denver, Inc.
CONTACT: Helen W. Cornell, Vice President, Finance and CFO of
Gardner Denver, Inc., +1-217-228-8209 Web site:
http://www.gardnerdenver.com/ Company News On-Call:
http://www.prnewswire.com/comp/303875.html
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