Fields Aircraft Spares Announces $5 Million Expansion of Credit Facility With NationsCredit Commercial Funding
SIMI VALLEY, Calif.--(BUSINESS WIRE)--Nov. 13, 1998--Fields Aircraft Spares Inc. (Nasdaq:FASI - news) Friday announced that it has received a $5 million expansion of its existing $10 million credit facility with NationsCredit Commercial Funding.
The newly available credit will be used as needed to finance expansion of the company's inventory and accounts receivable. Under terms of the agreement, the interest rate paid by the company will be reduced by one full percentage point, reflecting the company's overall improved creditworthiness.
''We are gratified by this increase in our credit facility,'' commented the company's President, Alan Fields. ''The ready availability of this increased facility will assist us in our rapid growth by allowing us to better finance our receivables. We will be able to aggressively expand our inventories in response to recent additional distribution agreements with manufacturers and new just-in-time support agreements with airlines.''
Fields Aircraft Spares Inc., through its wholly owned subsidiaries Fields Aircraft Spares Incorporated, Fields Aero Management Inc., Flightways Manufacturing Inc., and Skylock Industries is a manufacturer and a leading distributor of aircraft cabin interior replacement products and is a redistributor for a wide variety of factory-new parts applicable to various commercial aircraft models and manufacturers. Additional information about Fields, including access to copies of its periodic filings with the Securities and Exchange Commission, is available on the company's web site at www.fieldsaircraft.com.
Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements as a result of a number of factors, including but not limited to competitive factors and pricing pressures, ability to obtain necessary capital or financing, the price and availability of aircraft parts and other materials, successful execution of the company's expansion plans, including the ability to complete contemplated acquisitions and to successfully combine the businesses, the ability to maintain existing customer or vendor relationships, shifts in market demand, general economic conditions and other risks and uncertainties discussed in periodic reports filed by the company with the Securities and Exchange Commission and which the company urges investors to consider. Copies of filed reports may be requested from the company or obtained from the company's web site. |
