Catalina Marketing Enters New Credit Agreement; Acquires Corporate Headquarters Facility
31 August 2004 - 12:13AM
PR Newswire (US)
Catalina Marketing Enters New Credit Agreement; Acquires Corporate
Headquarters Facility ST. PETERSBURG, Fla., Aug. 30 /PRNewswire/ --
Catalina Marketing Corporation (NYSE:POS) today announced that it
has entered into a five-year $125 million multicurrency revolving
credit facility. This facility has a feature that allows the
company, subject to certain conditions, to increase the revolving
credit line up to $175 million. The facility is unsecured and may
be used for general corporate purposes, which include, but are not
limited to, refinancing existing debt, share repurchases and
capital expenditures. The lead arranger for the facility is J.P.
Morgan Securities Inc., with Bank One, NA as administrative agent
and Bank of America N.A. as syndication agent. This refinancing
replaces the company's $30 million U.S. revolving credit facility
that was due to expire August 31, 2004. The new facility will also
replace Catalina Marketing Japan K.K.'s 3.5 billion yen Japanese
credit facility. The Japanese facility consisted of a 1.5 billion
yen revolver that was due to expire August 31, 2004 and a 2 billion
yen term loan with a maturity of March 31, 2005. The company repaid
the $32.0 million outstanding under the Japanese facility with the
proceeds from the new credit facility. In addition, on August 25,
2004, the company purchased its corporate headquarters facility
located in St. Petersburg, Florida and terminated the related lease
financing agreement that it had entered into in 1999. The purchase
price of the building was $30.5 million and was paid in cash. The
company has notified the bank of its intent to borrow $30.0 million
on September 1, 2004, and will use these proceeds to replenish the
cash used to purchase the building. Christopher W. Wolf, executive
vice president and chief financial officer, stated, "The revolving
credit facility provides Catalina with the ability to borrow in
multiple currencies and gives us the necessary flexibility to grow
and manage our world-wide business. We are pleased that we have
been able to enter into a five-year facility with an excellent
group of financial institutions." Based in St. Petersburg, FL,
Catalina Marketing Corporation (http://www.catalinamarketing.com/)
was founded 20 years ago based on the premise that targeting
communications based on actual purchase behavior would generate
more effective consumer response. Today, Catalina Marketing
combines unparalleled insight into consumer behavior with dynamic
consumer access. This combination of insight and access provides
marketers with the ability to execute behavior-based marketing
programs, ensuring that the right consumer receives the right
message at exactly the right time. Catalina Marketing offers an
array of behavior-based promotional messaging, loyalty programs and
direct-to-patient information. Personally identifiable data that
may be collected from the company's targeted marketing programs, as
well as its research programs, are never sold or given to any
outside party without the express permission of the consumer.
Certain statements in the preceding paragraphs are forward looking,
and actual results may differ materially. Statements not based on
historic facts involve risks and uncertainties, including, but not
limited to, the changing market for promotional activities,
especially as it relates to policies and programs of packaged goods
and pharmaceutical manufacturers and retailers, government and
regulatory statutes, rules, regulations and policies, the effect of
economic and competitive conditions and seasonal variations, actual
promotional activities and programs with the company's customers,
the pace of installation of the company's store network, the
success of new services and businesses and the pace of their
implementation, the company's ability to maintain favorable client
relationships, the timing of the completion of the company's future
SEC filings, the outcome and impact of an ongoing SEC investigation
into certain of the company's prior fiscal years, and the outcome
and impact of the pending shareholder class action and derivative
lawsuits. DATASOURCE: Catalina Marketing Corporation CONTACT:
Investors, Christopher W. Wolf, Chief Financial Officer,
+1-727-579-5218, or Joanne Freiberger, Vice President, Finance,
+1-727-579-5116, or Media, Susan Gear, Executive Director,
Marketing, +1-727-579-5452, all of Catalina Marketing Corporation
Web site: http://www.catalinamarketing.com/
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