ELMIRA, N.Y., June 17 NY-Hardinge-CredFacil
ELMIRA, N.Y., June 17 /PRNewswire-FirstCall/ -- Hardinge Inc.
(Nasdaq: HDNG), a leading global provider of advanced material-cutting
solutions, today announced that it has entered into a new five-year $100
million multi-currency secured credit facility arranged through JPMorgan Chase
Bank, N.A., acting as administrative agent and lead arranger with Bank of
America, N.A. as syndication agent and KeyBank National Association and HSBC
Bank USA, National Association as co-documentation agents with Wells Fargo and
Credit Suisse as participants.
"We are pleased to have access to the added financial strength and
flexibility afforded by our new multi-currency credit facility," said Richard
L. Simons, President and Chief Executive Officer. "With more than two-thirds
of Company revenue originating outside of the US, Hardinge will benefit
significantly from having the ability to borrow in a variety of currencies and
jurisdictions. We expect our new credit facility to enhance our ability to
respond to global opportunities."
The Company's new multi-currency credit facility replaced a secured credit
facility which was due to mature January 2011. "The new secured credit
facility is expected to be adequate to enable Hardinge to meet all of its
anticipated operating requirements, as well as handle worldwide cash flows
more efficiently," said Edward J. Gaio, Vice President and Chief Financial
Officer. "In addition, our ability to partner with a prestigious group of
global banks will provide a variety of world class, value added treasury
services to our business."
The agreement provides for a revolving loan facility allowing for
borrowing of up to $100.0 million. Currently, the Company has borrowed
approximately $21.5 million against the facility limit.
Hardinge is a global designer, manufacturer and distributor of machine
tools, specializing in high-precision, computer controlled, material-cutting
machines. The Company's products are distributed to most of the
industrialized markets around the world and in 2007 approximately 66% of sales
were from outside of North America. Hardinge has a very diverse international
customer base and serves a wide variety of end-user markets. Along with
metalworking manufacturers, which make parts for a variety of industries, our
customers include a wide range of end users in the aerospace, agricultural,
transportation, basic consumer goods, communications and electronics,
construction, defense, energy, pharmaceutical and medical equipment, and
recreation industries, among others. The Company has manufacturing operations
in the United States, Switzerland, Taiwan and China. Hardinge's common stock
trades on NASDAQ Global Select Market under the symbol, "HDNG." For more
information, please visit http://www.hardinge.com.
This news release contains forward-looking statements (within the meaning
of Section 27A of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended). Such statements are based on
management's current expectations that involve risks and uncertainties. Any
statements that are not statements of historical fact or that are about future
events may be deemed to be forward-looking statements. For example, words such
as "may," "will," "should," "estimates," "predicts," "potential," "continue,"
"strategy," "believes," "anticipates," "plans," "expects," "intends," and
similar expressions are intended to identify forward-looking statements. The
company's actual results or outcomes and the timing of certain events may
differ significantly from those discussed in any forward-looking statements.
The company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or
otherwise.
Contact:
Edward J. Gaio
Vice President and CFO
(607) 378-4207
SOURCE Hardinge Inc.
