More good news ( again )..
Tuesday May 12, 4:03 pm Eastern Time
Company Press Release
Mobile Mini, Inc. Expands Credit Facility by 50% to $60 Million
New Agreement Offers Longer Term and Lower Rates
TEMPE, Ariz.--(BUSINESS WIRE)--May 12, 1998--Mobile Mini, Inc. (NASDAQ National Market: MINI - news) today announced that its senior lenders, led by BT Commercial Corporation, have agreed to increase the Company's revolving line of credit by 50% to $60 million from $40 million under its prior arrangement. The new lending agreement will remain in force through March 2002, a two year extension from the original term.
The interest rates under the new lending pact have been lowered, but vary depending upon Mobile Mini's level of borrowings and overall leverage. The Company pointed out, however, that based upon present borrowings, Mobile Mini's annualized savings under the new agreement would exceed $600,000 (pre-tax).
Commenting, Richard Bunger, Mobile Mini's Chairman noted, ''The substantially increased credit facility will enable us to continue to enlarge our lease fleet to support growth at our existing locations as well as through geographic expansion. We appreciate our bankers' vote of confidence in Mobile Mini as expressed by their willingness to substantially enlarge our revolving line of credit, offer us better rates and extend the length of our agreement. They have been partners in our success.''
Mobile Mini, Inc. is a market leader in the leasing and sale of portable storage containers.
This document may contain some forward looking statements, particularly regarding operating prospects for 1998, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risk factors are listed from time to time in the Company's SEC filings.
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