Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for TruServ > News item |
TruServ extends revolving credit facility
New York, Jan. 8 - TruServ Corp. said it reached agreement to extend the maturity of its revolving credit facility to June 2004 from June 2002.
The Chicago wholesale hardware cooperative said in a filing with the Securities and Exchange Commission Tuesday that the extension was agreed with the agent bank for the revolver and with the largest holders of its senior notes.
The revolver continues to have a $200 million commitment, TruServ said.
"With permanent long-term financing, everything else being equal, we expect our independent
accountants to issue an unqualified opinion on our financial statements," said David Shadduck, TruServ's
chief financial officer, in a statement.
TruServ added that it has been looking at either new financing, primarily as a new asset-based lending agreement, or negotiating an amendment with its existing bank group since it failed to comply with a covenant on the credit facility in the first quarter of 2001.
In addition to the revolver, TruServ's senior debt is made up of $175 million of senior notes
maturing from 2002 to 2012 and $105 million of senior notes maturing between 2002 and 2008.
Net of cash on hand, TruServ said it had $78 million outstanding on its revolver at the end of fiscal November compared to $182 million a year earlier.
End
© 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.