PARK-OHIO ANNOUNCES AMENDMENT TO CREDIT AGREEMENT
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CLEVELAND – January 5, 2005 – Park-Ohio Industries, Inc. a subsidiary of Park-Ohio Holdings Corp. (Nasdaq: PKOH) announced today that it has amended its existing bank credit agreement. The amendment was effective December 29, 2004 and extends the term of the facility to December 2010. Additionally, the amendment increases the Company’s borrowing capacity to $200 million, modifies certain covenants to provide greater flexibility and provides an immediate 25 basis point interest reduction with the opportunity for further reductions. The Company’s outstanding credit balance as of year end was $120.6 million.
Edward F. Crawford, Chairman and CEO, said, “This amendment concludes our strategic initiative to refinance our bonds and to improve and extend our credit facility. The credit markets have demonstrated their confidence in Park-Ohio and have recognized our performance over the last two years.”
Park-Ohio, is a leading provider of supply chain logistics services and a manufacturer of highly engineered products for industrial original equipment manufacturers. Headquartered in Cleveland, Ohio, the Company operates 24 manufacturing sites and 32 supply chain logistics facilities. Visit the Company Web site at http://www.pkoh.com for more information.
This news release contains forward-looking statements that are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Among the key factors that could cause actual results to differ materially from expectations are the cyclical nature of the vehicular industry, timing of cost reductions, labor availability and stability, changes in economic and industry conditions, adverse impacts to the Company, its suppliers and customers from acts of terrorism or hostilities, the uncertainties of environmental, litigation or corporate contingencies, and changes in regulatory requirements. These and other risks and assumptions are described in the Company’s reports that are available from the United States Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.
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Jan 05, 2005 |
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