Attached files
file | filename |
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8-K - FORM 8-K - MICHAEL BAKER CORP | l40826e8vk.htm |
EX-10.1 - EX-10.1 - MICHAEL BAKER CORP | l40826exv10w1.htm |
Exhibit 99.1
News Release |
Contact:
|
David Higie | |
Phone:
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(412) 269-6449 | |
Release:
|
Immediate (Oct. 4, 2010) |
BAKER EXPANDS CREDIT CAPACITY UNDER NEW FACILITY
PITTSBURGH Michael Baker Corporation (NYSE Amex:BKR) has entered into a $125 million
revolving credit facility with a consortium of financial institutions. The Company intends to use
the funds available under the facility for acquisitions and general corporate purposes.
Citizens Bank of Pennsylvania is the lead bank for the facility, and is joined by PNC Bank,
N.A., and Wells Fargo. The new arrangement increases Bakers existing credit capacity by $65
million and provides improved terms and conditions. We are pleased to have obtained this expanded
credit facility with this strong group of financial institutions, Bradley L. Mallory, president
and chief executive officer, said. This credit facility, coupled with our strong balance sheet,
means we have the financial capacity to execute on our aggressive growth strategy.
Michael Baker Corporation provides architecture,
engineering and construction services for its clients most complex challenges worldwide. The
firms primary business areas are aviation, defense, environmental, facilities, geospatial,
homeland security, municipal & civil, pipelines & utilities, rail & transit, transportation and
water. With more than 2,900 employees in nearly 90 offices across the United States, Baker is
focused on creating value by delivering innovative and sustainable solutions for infrastructure and
the environment.
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