Milacron Signs 5-Year, EUR 27 Million Credit Deal
14 March 2008 - 5:29AM
Business Wire
Milacron Inc. (NYSE: MZ), a leading global supplier of
plastics-processing technologies and industrial fluids, announced
the signing of a five-year, asset-based revolving credit program
through which Lloyds TSB Group plc will provide as much as �27
million of aggregate financing to certain Milacron operations in
Europe for working capital purposes. �This new ABL (asset based
lending) program will allow us to replace some shorter-term credit
commitments while providing incremental financing for our global
working capital needs, including meeting our pension funding
obligations,� said Ross A. Anderson, Milacron senior vice president
and chief financial officer. �Because of the substantial
inter-company indebtedness created by our U.S. refinancing of
European bonds in 2004, we will be able to apply the proceeds to
these obligations in a tax-efficient manner,� he added. �We are
delighted to provide this new facility to Milacron across their
major operating areas in Western Europe,� said Martin Ward,
International Development Director, Lloyds TSB Commercial Finance.
�Once again we are seeing the relevance of ABL facilities to
growing multinational companies throughout Europe, and this deal
reconfirms the logic of us building Lloyds TSB�s International
footprint in the ABL sector through our Commercial Finance
operations.� The credit program consists of two parts:
asset-secured loans to Milacron subsidiaries in Germany, Holland
and Belgium and an accounts receivable factoring facility between
Milacron�s German operations and Lloyds TSB Commerce Finance. Based
on current asset levels, total borrowing and factoring capacity
under the new program when fully operational is expected to exceed
�20 million. Principal terms of the program are being filed with
the Securities and Exchange Commission. About Lloyds TSB Lloyds TSB
Commercial Finance is part of the Lloyds TSB Group. Its services
can meet the needs of businesses ranging from start-up through to
major global PLCs. Its approach to asset backed lending (ABL) means
that customers benefit from a far more tailored approach to
finance, where different elements of ABL can be added to the
funding mix according to the needs and lifestage of the individual
business. Asset backed lending offers a flexible and secure way for
businesses to raise the finance they need for expansion, growth,
MBOs, MBIs and other opportunities, against assets such as the debt
book, stock, plant and machinery and property. About Milacron First
incorporated in 1884, Milacron is a leading global supplier of
plastics-processing technologies and industrial fluids, with major
manufacturing facilities in North America, Europe and Asia. For
further information, visit www.milacron.com or call Milacron�s
toll-free investor line: (800) 909-6452.
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