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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: lfman who wrote (20909)	10/28/1999 7:50:00 PM
From: Triffin	Read Replies (1) \| Respond to of 108040

Ifman .. TLXN The stock may well tag along if AIRO continues to rally; but TLXN appears to have put those shares up as collateral for some loans .. ---------------------------------------------------------- Refinances Existing Facility with New $100 Million Senior Secured Credit Facility AKRON, Ohio, Aug. 30 /PRNewswire/ -- Telxon Corporation (Nasdaq: TLXN), a world leader in delivering quality, innovative solutions for mobile information and wireless communications systems, announced today that it has successfully completed the refinancing of its existing revolving credit agreement and business purpose revolving promissory note with a new $100 million senior secured credit facility provided by Foothill Capital Corporation. Funding of the new facility and repayment of the existing facility was completed earlier today. John W. Paxton, Sr., Telxon's Chairman and CEO, said, "As I had indicated previously, I remain confident that the new credit facility from Foothill will provide Telxon with the financial resources necessary to achieve our strategic objectives and execute our underlying operational plan." Borrowings under the revolving loan provisions of the new facility will be subject to availability based on qualifying accounts receivable and inventory, reduced by amounts borrowed under the facility's term loan features and amounts outstanding under letters of credit. The facility has three term loan features. The first, a ten year term loan, has a limit of $6 million, based on a percentage of the liquidation value of the company's machinery and equipment. The two remaining term loans, $10 million for a three year term and $30 million, which must be reduced to $10 million by December 26, 1999 and repaid in full by October 2000, are limited to specified percentages of the market value of capital stock owned by the company in its former Aironet Wireless Communications, Inc. subsidiary (Nasdaq: AIRO). Additional details regarding the new credit facility will be available upon the company's filing of the loan agreement as part of a Form 8-K with the SEC. EOM--------------------------------------------------------- I think Foothill will be the beneficiary of any AIRO appreciation .. Jim in CT ..