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Article: Uniroyal Technology Corporation Redeems Its 11 3/4% Senior Debt With Lower Interest Rate Financing
- Article from:
- PR Newswire
- Article date:
- April 15, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SARASOTA, Fla. April 15 /PRNewswire/ -- Uniroyal Technology Corporation (Nasdaq: UTCI) today announced that it has successfully completed a financing with Fleet National Bank. The financing includes $90.0 million in term notes and a $20.0 million revolving credit agreement.
Based on current LIBOR rates, the blended interest rate of the new financing will approximate 8.28%. The lower interest rates will benefit the Company in excess of $2.0 million annually in reduced interest costs and lower cost amortization.
The borrowings will be used to redeem the Company's 11 3/4% Senior Secured Notes and to repay borrowings under its existing $25.0 million ...