31.8.2005: Meldung: Ceco Environmental Corp.: Amended Credit Agreement Finalized
Tuesday August 30, 8:00 am ET
NEW YORK, Aug. 30 / CECO Environmental Corp., a leading provider of air pollution control and industrial ventilation systems announced today that is has successfully negotiated an amendment to its existing credit agreement.
The amendment extends the maturity date of CECO"s $3.1 million term loan from August 31, 2005 to January 1, 2006, eliminates scheduled quarterly principal payments and reduces the rate of interest on the term debt. Terms on the current revolving line of credit remain unchanged.
Additionally, Fifth Third Bank, CECO"s revolving credit lender, has acquired the term debt interests of the other two participating banks, resulting in the consolidation of CECO"s total credit facility within one bank.
Chairman and CEO, Phillip DeZwirek commented that, "This modification to our credit agreement exemplifies our strengthening relationship with Fifth Third Bank and is the result of our recent positive financial performance as evidenced by our second quarter results and our significant backlog. This amendment brings us one step closer to our new credit agreement with Fifth Third which has more advantageous terms and conditions and will become effective upon the sale of CECO"s Cincinnati property."
ABOUT CECO ENVIRONMENTAL
CECO Environmental Corp. is North America"s largest independent air pollution control company. Through its six subsidiaries -- Busch, CECOaire, CECO Filters, CECO Abatement Systems, kbd/Technic and Kirk & Blum - CECO provides a wide spectrum of air quality services and products including: industrial air filters, environmental maintenance, monitoring and management services, and air quality improvements systems. CECO is a full-service provider to the steel, military, aluminum, automotive, aerospace, semiconductor, chemical, cement, metalworking, glass, foundry and virtually all-industrial process industries.
For more information on CECO Environmental please visit the company"s website at http://www.cecoenviro.com/.
Phillip DeZwirek, CECO Environmental Corp.
Source: CECO Environmental Corp.