Collins & Aikman Extends $250 Million Receivables Facility and Enters Commitment for New $300 Million Financing Facility
December 13 2004 - 5:04PM
PR Newswire (US)
Collins & Aikman Extends $250 Million Receivables Facility and
Enters Commitment for New $300 Million Financing Facility TROY,
Mich., Dec. 13 /PRNewswire-FirstCall/ -- Collins & Aikman
Corporation (NYSE:CKC), today announced that on Friday, December
10, 2004, Collins & Aikman Products Co. (Products), a wholly
owned subsidiary of Collins & Aikman, and CARCORP, Inc., a
wholly owned subsidiary of Products, amended their existing
receivables transfer agreement related to its off-balance sheet
accounts receivable financing facility. The amended terms included
extending the term of the facility to March 10, 2006, and
installing General Electric Capital Corporation (GECC) as the new
Administrative Agent. Additionally, Products and CARCORP entered
into a commitment letter agreement with GECC whereby GECC committed
to provide a new 5 year, $300 million accounts receivable facility
to replace the existing receivables facility, subject to the terms
and conditions described therein. Collins & Aikman Corporation
is a leading global supplier of automotive interior components and
systems, including: instrument panels, cockpit modules, flooring
and acoustic systems, automotive fabric, and interior trim, as well
as exterior trim and convertible roof systems. The Company's
current operations include 16 countries, more than 100 facilities
and nearly 24,000 employees. Information about Collins & Aikman
is available on the Internet at http://www.collinsaikman.com/ .
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from the anticipated results
because of certain risks and uncertainties, including but not
limited to conditions affecting the markets and industry within
which we operate, including declines in North American, South
American and European automobile and light truck builds, our
dependence on significant automotive customers, the level of
competition in the automotive supply industry and pricing pressures
from automotive customers, fluctuations in the productions of
vehicles for which we are a supplier, changes in the popularity of
particular cars and interior trim programs, labor costs and strikes
at our major customers and at our facilities and risks associated
with doing business in foreign countries; the adequacy of our
liquidity and capital resources and required capital expenditures;
our high debt levels and our ability to obtain financing and
service or refinance our debt, uncertainty regarding our future
operating results, prevailing levels of interest rates and other
factors detailed in the company's filings with the Securities and
Exchange Commission. DATASOURCE: Collins & Aikman Corporation
CONTACT: Media Inquiries: David A. Youngman, Director Corporate
Communications, +1-248-824-1562, ; or Investor Inquiries: Robert
Krause, Senior Vice President, Finance & Administration,
+1-248-733-4355, , both of Collins & Aikman Corporation Web
site: http://www.collinsaikman.com/
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