PORT WASHINGTON, N.Y.--(BUSINESS WIRE)--
Systemax Inc. (NYSE: SYX) today announced that on October 27,
2010 it entered into an amended and restated credit agreement between
the Company and certain subsidiaries and a syndicate of leading banks.
The credit agreement provides for a five-year revolving credit facility
of $125 million, with the opportunity to increase to $200 million,
subject to terms and conditions. The agreement is secured, with certain
limited exclusions, by the assets of the borrowers and allows for
borrowings based on amounts of qualifying assets, principally accounts
receivable and inventories. The Lead Arranger and Bookrunner is J.P.
Morgan Securities LLC.; the Administrative Agent is JPMorgan Chase Bank,
N.A. along with Co-Agents HSBC Bank USA, N.A. and Wells Fargo Capital
Finance, LLC, part of Wells Fargo & Company.
Larry Reinhold, Executive Vice President and Chief Financial Officer,
commented, “The increased facility reflects lenders’ confidence in
Systemax and ensures we have sufficient funding for our current business
operations.”
The Company will be filing a Form 8-K with the Securities and Exchange
Commission, which will include additional details about the agreement.
About Systemax Inc.
Systemax Inc. (http://www.systemax.com),
a Fortune 1000 company, sells personal computers, computer components
and supplies, consumer electronics and industrial products through a
system of branded e-Commerce web sites, retail stores, relationship
marketers and direct mail catalogs in North America and Europe. The
primary brands are TigerDirect, CompUSA, Circuit City, MISCO, WStore and
Global Industrial.
Forward-Looking Statements
This press release contains forward-looking statements about the
Company’s performance. These statements are based on management’s
estimates, assumptions and projections and are not guarantees of future
performance. The Company assumes no obligation to update these
statements. Actual results may differ materially from results expressed
or implied in these statements as the result of risks, uncertainties and
other factors including, but not limited to: (a) unanticipated
variations in sales volume, (b) economic conditions and exchange rates,
(c) actions by competitors, (d) the continuation of key vendor
relationships, (e) the ability to maintain satisfactory loan agreements
with lenders, (f) risks associated with the delivery of merchandise to
customers utilizing common carriers, (g) the operation of the Company’s
management information systems, and (h) unanticipated legal and
administrative proceedings. Please refer to “Risk Factors” and the
Forward Looking Statements sections contained in the Company’s Form 10-K
for a more detailed explanation of the inherent limitations in such
forward-looking statements.
Source: Systemax Inc.
Contact:
INVESTOR/ MEDIA:
Brainerd Communicators, Inc.
Dianne
Pascarella / Nancy Zachary
212-986-6667
[email protected]
[email protected]