CommScope, Inc. (NYSE: CTV) today announced that it entered into a new
$100 million senior secured revolving credit facility, which closed
Friday, January 10, 2003. The facility, which was not drawn at closing,
was established for future liquidity, working capital needs and other
general corporate purposes. CommScope previously announced that it
planned to enter a new credit facility to replace a terminated one that
was scheduled to expire in December 2002. The Company had approximately
$132 million of cash and cash equivalents on its balance sheet as of
September 30, 2002.
The revolving credit arrangement is secured by essentially all assets of
CommScope. Over its 3 1/2 year expected term, the facility can have a
maximum availability of up to $100 million. The Company will have
initial availability of approximately $67 million, none of which was
drawn at closing.
Wachovia served as the agent and arranger for this transaction.
Robinson, Bradshaw & Hinson served as the Company's legal advisors.
CommScope also announced today that it has repaid a $10.4 million
eurodollar loan and acquired its previously-leased Hickory, N.C.
corporate office building for $12.8 million. Both transactions were
closed in December 2002 and were funded from available cash balances.
CommScope is the world's largest manufacturer of broadband coaxial cable
for Hybrid Fiber Coax (HFC) applications and a leading supplier of high-
performance fiber optic and twisted pair cables for LAN, wireless and
other communications applications.
This press release includes forward-looking statements that are based on
information currently available to management, management's beliefs, as
well as on a number of assumptions concerning future events.
Forward-looking statements are not a guarantee of performance and are
subject to a number of uncertainties and other factors, which could
cause the actual results to differ materially from those currently
expected. For a more detailed description of the factors that could
cause such a difference, please see CommScope's filings with the
Securities and Exchange Commission. In providing forward-looking
statements, the company does not intend, and is not undertaking any
obligation or duty, to update these statements as a result of new
information, future events or otherwise.
Visit the CommScope Website at: www.commscope.com