6.1.2005: Meldung: Impco Technologies Inc.: $20 Million Subordinated Debt retired
Wednesday January 5, 9:01 am ET
CERRITOS, Calif., Jan. 5 / Impco Technologies Inc., (Nasdaq: IMCO - News) announced today the retirement of their $20 million subordinated debt held by Bison Capital LLC on December 29, 2004.
Mr. Nick Gerde, Chief Financial Officer of Impco, stated that the retirement of the loan, being financed through a loan from its affiliate, BRC Srl at an approximate 3.7% annual interest rate (3-month EURIBOR plus 1.5%), will reduce the Company"s cash interest payment by approximately $1.5 million per year. The BRC loan is for $22.0 million and has a five year amortizing repayment schedule. See the Company"s Form 8-K filed with the SEC on December 29, 2004 for more details.
It has been previously announced that Impco has negotiated a purchase agreement with BRC to acquire the remaining 50% equity of the company. Consummation of the purchase agreement is expected in the first quarter of 2005. Impco previously acquired 50% of the equity of BRC in July 2003.
Regarding Impco Technologies and BRC:
Impco and BRC design, manufacture, market and supply advanced alternative fuel systems and related products for the transportation, industrial and power generation markets. Headquartered in Cerritos, California and Cherasco, Italy, they have offices in Asia, Europe, Australia and South and North America. More information can be found at Impco"s web site, http://www.impco.ws and at BRC"s web site, http://www.brc.it.
For further information contact Mr. Dale Rasmussen, Investor Relations: