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EX-10.1 - CREDIT AGREEMENT - Teledyne LeCroy, Inc. | dex101.htm |
8-K - FORM 8-K - Teledyne LeCroy, Inc. | d8k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Sean B. OConnor
Vice President, Finance and Chief Financial Officer
LeCroy Corporation
Tel: 845-425-2000
LeCroy Announces New Credit Agreement
$75 Million Credit Facility Provides Financing Through August 8, 2016;
Replaces Former $50 Million Facility
CHESTNUT RIDGE, NY, AUGUST 9, 2011 LeCroy Corporation (NASDAQ: LCRY), a leading supplier of oscilloscopes and serial data test solutions, today announced that it has reached agreement with its lending partners, RBS Citizens Bank and M&T Bank, to establish a new $75 million revolving line of credit through August 8, 2016, replacing the Companys former $50 million credit facility. The new credit line also includes an additional $15 million accordion provision.
The new credit agreement will provide additional liquidity for the Company, including the flexibility to retire its outstanding convertible bonds. Details of the financing arrangements will be included in a Form 8-K to be filed with the Securities and Exchange Commission.
Management Comments
Our ability to secure this new credit facility on even better terms than our former agreement demonstrates LeCroys strong relationships with our banking group, said LeCroy President and Chief Executive Officer Tom Reslewic. The new agreement enhances our long-term liquidity and provides us with greater financial flexibility to retire our convertible bonds on favorable terms.
About LeCroy Corporation
LeCroy Corporation is a worldwide leader in serial data test solutions, creating advanced instruments that drive product innovation by quickly measuring, analyzing and verifying complex electronic signals. The Company offers high-performance oscilloscopes, serial data analyzers and global communications protocol test solutions used by design engineers in the computer, semiconductor and consumer electronics, data storage, automotive and industrial, and military and aerospace markets. LeCroys 47-year heritage of technical innovation is the foundation for its recognized leadership in WaveShape Analysiscapturing, viewing and measuring the high-speed signals that drive todays information and communications technologies. LeCroy is headquartered in Chestnut Ridge, New York. Company information is available at http://www.lecroy.com.
Safe Harbor
This release contains forward-looking statements, including those pertaining, but not limited to expectations regarding: the Companys new credit agreements ability to provide additional liquidity for the Company, including the flexibility to retire its outstanding convertible bonds on favorable terms. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties including, without limitation, adverse changes in general economic or political conditions in any of the major countries in which LeCroy does business; volume and timing of orders received; changes in the mix of products sold; competitive pricing pressure; the availability and timing of funding for the Companys current products; delays in development or shipment of LeCroys new products or existing products; introduction of new products by existing and new competitors; failure to successfully manage transitions to new markets; failure to anticipate and develop new products and services in response to changes in demand; failure to obtain and maintain cost reductions; difficulty in predicting revenue from new products; disputes and litigation; inability to protect LeCroys intellectual property from third-party infringers; failure to manage LeCroys sales and distribution channels effectively; disruption of LeCroys business due to catastrophic events; risks associated with international operations; fluctuations in foreign currency exchange rates; changes in, or interpretations of, accounting principles; inventory write-down; impairment of long-lived assets; valuation of deferred tax assets; unanticipated changes in, or interpretations of, tax rules and regulations; LeCroys inability to attract and retain key personnel; LeCroys inability to purchase its convertible debt; and interruptions or terminations in LeCroys relationships with turnkey assemblers.
For further discussion of these and other risks and uncertainties, individuals should refer to LeCroys SEC filings, which are available at the Companys website www.lecroy.com. LeCroy undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise. Further information on potential factors that could affect LeCroy Corporations business is described in the Companys reports on file with the SEC.