Consolidated Stainless announces new $25 million credit line
ORLANDO, Fla.--(BUSINESS WIRE)--March 18, 1997-- Consolidated Stainless Inc announced Tuesday a
$3.4 million increase in borrowing capacity by replacing its $18.0 million revolving line of credit and $3.6 million
term loan facility with a new $25.0 million revolving line of credit.
Unlike the former loans which were financed by two different financial institutions, the new loan facility is
financed entirely by only one institution, Mellon Bank.
"Our new lending facility provides the company with additional borrowing capacity that we believe is necessary
to meet our immediate goal of revenue growth," stated Ronald J. Adams, president. "Consolidating our
working capital loans with one institution should also simplify meeting our changing financial needs."
Consolidated Stainless Inc. manufactures stainless steel pipe, flanges and nipples and supplies a broad line of
stainless and exotic alloy pipe, valves and fittings (PVF) and related products through its distribution network.
The company's customers include original equipment manufacturers, commercial and industrial end-users and
other distributors throughout the United States and Canada. Headquartered in Orlando, Consolidated's
primary production facilities are located in Auburndale, Fla., Lakeland, Fla. and Houston. The company
operates seven distribution/service centers in Florida (3), California, Georgia, Illinois and Texas.
Private Securities Litigation Reform Act of 1995 Compliance Statement: Statements contained in this release
that are not based on historical facts are forward looking statements subject to uncertainties and risks
including, but not limited to: product and service demand and acceptance, economic conditions, the impact of
competition and pricing, capacity and supply constraints or difficulties, and other risks detailed in the
company's Securities and Exchange Commission filings.
CONTACT: Consolidated Stainless Inc., Orlando
Ronald J. Adams, President, 407/896-4000 |
