UGLY (Ugly Duckling Corp) used cars Message Board

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Non-Tech : UGLY (Ugly Duckling Corp) used cars

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To: Scott D. who wrote ()	9/4/1998 7:17:00 AM
From: Paul Lee	of 155

Ugly Duckling Corporation Announces Increase in Revolving Credit Facility PHOENIX--(BUSINESS WIRE)--Sept. 4, 1998--Ugly Duckling Corporation (Nasdaq NM: UGLY) today announced approval from GE Capital to increase the Company's Revolving Credit Facility from $100 million to $125 million and to expand the facility's terms to allow the Company to borrow against its used car inventory. The Company currently has $76 million outstanding under its existing facility. The Company intends to use the facility for ongoing operations and noted that the facility will not be affected by the pending split-up of Ugly Duckling into two public companies. Under the proposed split-up, approved by Ugly Duckling shareholders at the Aug. 31, 1998, annual meeting, all of Ugly Duckling's non-dealership operations would be transferred to a new, wholly owned subsidiary of the Company, Cygnet Financial Corporation. All material terms and conditions of the increased facility have been approved, although the transaction is subject to the completion and execution of final loan documents.

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