S&P Raises Rating On Brightpoint's Bank Facility
INDIANAPOLIS--(BUSINESS WIRE)--Jan. 6, 2000--Brightpoint, Inc. (NASDAQ:CELL - news) announced today that Standard & Poor's has raised its rating of Brightpoint's senior secured bank facility (''Bank Facility'') from ''BB-'' to ''BB.'' S&P cited the successful completion of Brightpoint's restructuring plan, improving operating results, as well as changes in the term of the Bank Facility made in July of 1999.
Brightpoint's Bank Facility is with a group of banks lead by the agent bank, Bank One Indiana NA. The Bank Facility is a multi-currency revolver and has a total capacity of $175 million. The Bank Facility generally bears interest at LIBOR or the agent bank's base rate plus a spread based on defined leverage ratios.
Brightpoint, Inc. is a leading provider of innovative services to network operators and equipment manufacturers in the global wireless telecommunications industry. Brightpoint strives to enhance the success of its customers through the specialized and focused provision of efficient and effective solutions for their mission critical business requirements. The Company's innovative services include inventory management, prepaid solutions, custom packaging and other outsourced services. Additional information about the Company can be found on its website at www.brightpoint.com or by calling its toll-free Investor Relations Information line at 877-IIR-CELL (877-447-2355).
''Forward-looking statements'' as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. A variety of factors could cause the Company's actual results to differ from the reported results expressed in such forward-looking statements. Investors are referred to the Company's Cautionary Statements (Exhibit 99 to the Company's most recent Form 10-Q), which statements are incorporated into this news release by reference.
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Contact:
Brightpoint, Inc., Indianapolis, Indiana
Phillip A. Bounsall, 317/297-6100
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