TIMCO Aviation Services, Inc. Secures Additional Financing
April 14 2005 - 6:15PM
PR Newswire (US)
TIMCO Aviation Services, Inc. Secures Additional Financing
GREENSBORO, N.C., April 14 /PRNewswire-FirstCall/ -- TIMCO Aviation
Services, Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today announced
that it has secured additional financing from Monroe Capital, LLC.
As part of the new financing, Monroe Capital acquired the $8
million term loan previously made to the Company by Hilco Capital
LP. Monroe Capital also provided the Company with a new $7 million
term loan, the proceeds of which will be used for working capital,
and a $3 million capital expenditures line of credit. Borrowings
under the original Hilco $8 million term loan (assigned to Monroe
Capital as part of the new financing) and the new Monroe Capital $7
million term loan are due on December 31, 2007. Borrowings under
the $3 million capital expenditures line of credit are due in
monthly installments, commencing in May 2006, with the balance due
on December 31, 2007. Roy T. Rimmer Jr., the Company's Chairman and
Chief Executive Officer, stated: "We are extremely pleased to be
working with the Monroe Capital team. This financing provides us
with significant additional capital to help fund the continued
growth and development of our business." TIMCO Aviation Services,
Inc. is among the world's largest providers of aviation
maintenance, repair and overhaul (MR&O) services for major
commercial airlines, regional air carriers, aircraft leasing
companies, government and military units and air cargo carriers.
The Company currently operates four MR&O businesses: Triad
International Maintenance Corporation (known as TIMCO), which, with
its four active locations (Greensboro, NC; Macon, GA; Lake City, FL
and Goodyear, AZ), is one of the largest independent providers of
heavy aircraft maintenance services in the world and also provides
aircraft storage and line maintenance services; Brice Manufacturing
and Aircraft Interior Design, which specialize in the manufacture
and sale of new aircraft seats and aftermarket parts and in the
refurbishment of aircraft interior components; TIMCO Engineered
Systems, which provides engineering services both to our MR&O
operations and our customers; and TIMCO Engine Center, which
refurbishes JT8D engines and performs on-wing repairs for both JT8D
and CFM-56 series engines. Visit TIMCO online at
http://www.timco.aero/ . This press release contains
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause the
Company's actual results in future periods to differ materially
from forecasted results. A number of factors, including those
identified in the Company's Annual Report on Form 10-K for the year
ended December 31, 2004, could adversely affect the Company's
ability to obtain these results. Copies of the Company's filings
with the U.S. Securities and Exchange Commission are available from
the SEC or may be obtained upon request from the Company. The
Company does not undertake any obligation to update the information
contained herein, which speaks only as of this date. DATASOURCE:
TIMCO Aviation Services, Inc. CONTACT: Roy T. Rimmer, Jr., Chairman
& Chief Executive Officer; or Fritz Baumgartner, Vice President
Finance, Chief Accounting Officer; or Kevin Carter, Vice President
Treasurer, Financial Planning & Analysis of TIMCO Aviation
Services, Inc., +1-336-668-4410 Web site: http://www.timco.aero/
Copyright