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Danka Announces Amendment To Credit Agreement

Thursday, March 29, 2001

Press release from the issuing company

ST. PETERSBURG, FL (March 28, 2001) - Danka Business Systems, PLC (NASDAQ: DANKY) announced today that it has obtained an amendment to its Senior Credit Facility for the period March 28, 2001 through July 16, 2001. This Amendment modifies the financial covenants under the Company's Credit Agreement with its consortium of international bank lenders, which expires March 31, 2002. During the period ending July 16, 2001, the Company may receive advances under the Credit Agreement for its ordinary operational needs. Danka's Chief Executive Officer, Lang Lowrey, commented, "We are pleased that our bank lenders continue to work with the Company while we implement our various restructuring initiatives. As previously announced, we are encouraged by the progress to date in our bond exchange program, and in the anticipated sale of Danka Services International, our facilities management and outsourcing business. We expect to close these transactions during the Company's first fiscal quarter, and we will use this period of time to continue discussions with the banks and Danka's other constituencies with a view to creating a long term solution to the Company's financing needs."

 

 

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