Hardinge Inc. Announces Closing of $40 Million Secured Revolving Credit Facility
Elmira, N.Y., April 8, 2002-- Hardinge Inc. (Nasdaq: HDNG), a leading producer of advanced material-cutting solutions, announced today that it has amended its current financial arrangement, effectively creating a new revolving credit facility for secured borrowings of up to $40 million through August 1, 2003. The facility was arranged with a group of three banks led by JPMorgan Chase Bank as administrative agent and replaces a $50 million facility with the same three banks that had
$18.4 million in outstanding borrowings as of March 31, 2002. The Company also announced completion of amendments to the covenants included in its term loan agreements.
"We are pleased with our long-term borrowing arrangements which we are confident will satisfy our financing needs for the foreseeable future," said Richard L. Simons, Executive Vice President and Chief Financial Officer. "Considering the difficult business environment in which we find ourselves, we believe the rate, terms and conditions of our new facility reflect Hardinge's solid balance sheet, a relatively low debt to capitalization ratio and large asset base, as well as the confidence and support of the banking community."
Hardinge Inc., founded more than 100 years ago, is an international leader in providing the latest industrial technology to companies requiring material- cutting solutions. The Company designs and manufactures computer-numerically controlled metal-cutting lathes, machining centers, grinding machines and other industrial products. The Company's common stock trades on Nasdaq under the symbol "HDNG." For more information, please visit the Company's website at hardinge.com . |
