TIMCO Aviation Services, Inc. Refinances its Senior Credit Facilities GREENSBORO, North Carolina, April 8 /PRNewswire-FirstCall/ -- TIMCO Aviation Services, Inc. (BULLETIN BOARD: TMAS) today announced that it has refinanced allof its outstanding senior debt and obtained a new revolving line of credit which substantially increases its available working capital. The Company announced that it has entered into an agreement with the CIT Group to provide a $35 million revolving line of credit and a $6.4 million senior secured term loan. It also announced that the Company has entered into an agreement with Hilco Capital LP under which the Company has obtained an $8 million term loan. The new credit facilities replace a previously existing $30 million revolving credit facility and a $3.5 million term loan. All amounts borrowed under the new credit agreements are due on December 31, 2007. Finally, as part of the refinancing, the Company refinanced all of its previously outstanding debt due to its principal stockholder. As previously announced, the Company recently completed the sale of its 545,000 square foot warehouse and office facility in Miramar, Florida. The proceeds from the sale were used to repay in full the Company's tax retention operating lease (TROL) financing arrangement which funded the construction of that facility. C. Robert Campbell, the Company's Chief Financial Officer, stated: "We are pleased to be working with the CIT Group and Hilco Capital under our newly established senior credit facilities. These credit agreements provide the Company with significant incremental working capital." TIMCO Aviation Services, Inc. is among the world's largest providers of fully integrated 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: 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; Aircraft Interior Design and Brice Manufacturing, which specialize in the refurbishment of aircraft interior components and the manufacture and sale of aftermarket parts and new aircraft seats; TIMCO Engineered Systems, which provides engineering services both to our other MR&O operations and to our customers; and TIMCO Engine Center, which refurbishes JT8D engines and performs on-wing repairs for both JT8D and CFM-56 series engine. Visit TIMCO online at http://www.timco.aero/ . This press release contains certain 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, 2002, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, and those identified below, could adversely affect the Company's ability to obtain these results: the Company's ability to continue to generate sufficient working capital from operations to meet its operating requirements and service its indebtedness, the Company maintaining good working relationships with its vendors and customers, competitive pricing for the Company's products and services, the Company's ability to achieve gross margins at which it can be profitable, including margins on services the Company performs on a fixed price basis, competition in the aircraft maintenance, repair and overhaul market and the impact on that market and the Company of the terrorist attacks on September 11, 2001, the state of the domestic passenger airline industry and the financial condition of the Company's airline customers, the Company's ability to attract and retain qualified personnel in its business,utilization rates for its MR&O facilities, the Company's ability to integrate future acquisitions, the Company's ability to effectively manage its business, economic factors which affect the airline industry, generally including the amount of aircraft maintenance outsourced by various airlines, and changes in government regulations. Certain of these risks are described in the Company's filings with the Securities and Exchange Commission (SEC). Copies of the Company's SEC filings 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 C. Robert Campbell, Executive Vice President & Chief Financial Officer, both of TIMCO Aviation Services, Inc., +1-336-668-4410 Web site: http://www.timco.aero/

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