Technitrol Obtains $225 Million Credit Facility
biz.yahoo.com
PHILADELPHIA--(BUSINESS WIRE)--June 25, 2001--Technitrol, Inc. (NYSE: TNL) announced it has entered into a three-year, unsecured, $225 million revolving credit facility. Funding for the multi-currency facility is being provided by a syndicate of eight banks, arranged by Banc of America Securities LLC. Participating banks include Bank of America, N.A., Fleet National Bank, PNC Bank, N.A., First Union National Bank, National City Bank, Allfirst Bank, HSBC Bank USA and The Chase Manhattan Bank.
The new facility replaces the company's existing lines of credit totaling $205 million.
``This agreement significantly increases our financial flexibility as we continue to address global expansion opportunities worldwide,'' said Technitrol Chairman and Chief Executive Officer James M. Papada, III. ``We are delighted to have this fine group of lenders as our partners |
