E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 7/13/2004 in the Prospect News Distressed Debt Daily.

A.B. Dick agrees to sell assets to Presstek, gets $7 million DIP

By Jeff Pines

Washington, July 13 - Presstek Inc. said it will acquire A.B. Dick Co. for about $40 million and also provide A.B. Dick with a $7 million debtor-in-possession revolver.

The acquisition of the Niles, Ill.-based graphic arts and printing supplies is being implemented through a Chapter 11 filing and is subject to bankruptcy court approval.

Presstek estimates the deal will close in 90 days.

KeyBank NA will be the agent for the $7 million facility. The interest rate will be 100 basis below prime capped at 3%. The closing fee will be $50,000, of which KeyBank will get 80% and Presstek 20%.

Presstek, based in Hudson, N.H., manufactures and markets high tech digital imaging systems.

A.B. Dick filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. Its case number is 04-12002.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.