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Non-Tech : Finova ( FNV) - How low will it go

FNV 187.82

+0.6%

9:30 AM EST

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To: skinydipper who wrote ()	5/8/2000 6:42:00 PM
From: jjrocket	Read Replies (1) of 82

Finova Group hires investment bankers Anyone care to speculate? SCOTTSDALE, Ariz., May 8 (Reuters) - Financial service provider The Finova Group Inc. (NYSE:FNV - news) said on Monday it hired Credit Suisse First Boston to help review its ``strategic alternatives'' and will stabilise its liquidity in the meantime by drawing down on $1.6 billion of commercial paper backup facilities. Finova disclosed no further details about strategic alternatives or potential deals. Finova said it told lenders it will draw down on $1.6 billion of two 364-day commercial paper backup facilities, which were scheduled to mature on May 16. The company said it will use proceeds to retire $1.6 billion of commercial paper obligations, leaving commercial paper backup facilities totalling $2.9 billion for full coverage of Finova's remaining commercial paper obligations. The move is necessary following a decision by banks holding about $500 million of the company's commercial paper not to renew, Finova said in a statement. ``While the draw-down of these facilities will increase FINOVA's near-term funding costs, the stabilisation of the company's near-to-intermediate term liquidity position will allow for the review of our strategic alternatives to proceed on an optimal basis,'' Mr. Breyne said. Scottsdale, Ariz.-based Finova, through its principal unit Finova Capital Corp, is focuses on providing a broad range of financial services, primarily to mid-sized businesses. biz.yahoo.com

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