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:

Contact Us