Flowserve amends loan to extend financial reporting deadline, allow more debt issuance

By Sara Rosenberg

New York, March 16 - Flowserve Corp. amended its credit facility to have until Sept. 30 to deliver 2004 audited financial statements and to allow for the possible issuance of new subordinated or senior unsecured debt to call and prepay the 12.25% senior subordinated notes, according to a news release.

The 12.25% notes are first callable in August.

"We are pleased with the support and confidence our lenders have shown us in granting these consents," said Mark A. Blinn, chief financial officer, in the release. "These provide us with considerable flexibility as we continue our work to finalize our 2004 financial statements, strengthen our financial controls and further improve our capital structure."

Flowserve is an Irving, Texas, provider of fluid motion and control products and services.

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