Andrew Corporation has closed a new $250 million senior unsecured
revolving credit facility that is scheduled to mature in September 2010.
The company has the option to request an increase in the aggregate
commitments by up to $100 million for a total aggregate facility
commitment not to exceed $350 million.
The new revolving credit facility replaces the previous $170 million
revolving credit facility scheduled to expire in December 2005. It is
anticipated that funds borrowed under the agreement will complement cash
generated from operations and be used for general corporate purposes
including working capital, capital expenditures, debt repayment, share
repurchase or other corporate development activities.
"The favorable terms we obtained and number of banks participating in
the credit facility represent the financial community's confidence in
the company," said Ralph Faison, president and chief executive officer,
Andrew Corporation. "This credit facility provides added financial
flexibility, while reducing the potential cost of any borrowings as the
company opportunistically pursues its long-term growth strategies."
Banc of America Securities LLC and Citigroup Global Markets Inc. served
as Joint Lead Arrangers and Book Managers for the credit facility, with
Bank of America, N.A. as Administrative Agent and Citicorp North
America, Inc. as Syndication Agent. Fifth Third Bank, Harris Trust and
Savings Bank, U.S. Bank National Association and Wells Fargo Bank, N.A.
served as Co-Documentation Agents. A total of 14 banks participated in
the new credit facility.
About Andrew Corporation
Andrew Corporation (NASDAQ:ANDW) designs, manufactures, and delivers
innovative and essential equipment and solutions for the global
communications infrastructure market. The company serves operators and
original equipment manufacturers from facilities in 35 countries. Andrew
headquartered in Orland Park, IL, is an S&P 500 company founded in 1937.
Forward Looking Statements
Some of the statements in this news release are forward looking
statements and we caution our stockholders and others that these
statements involve certain risks and uncertainties. Factors that may
cause actual results to differ from expected results include
fluctuations in commodity costs, the company's ability to integrate
acquisitions and to realize the anticipated synergies and cost savings,
the effects of competitive products and pricing, economic and political
conditions that may impact customers' ability to fund purchases of our
products and services, the company's ability to achieve the cost savings
anticipated from cost reduction programs, fluctuations in foreign
currency exchange rates, the timing of cash payments and receipts, end
use demands for wireless communication services, the loss of one or more
significant customers, and other business factors. Investors should also
review other risks and uncertainties discussed in company documents
filed with the Securities and Exchange Commission.