Baldwin Amends Credit Agreement
Wednesday, May 18, 2011
Press release from the issuing company
Shelton, Conn., – Baldwin Technology Company, Inc., a global leader in process automation technology for the printing industry, today announced that it has negotiated an amendment and waiver to its credit facility with Bank of America.
Vice President and Chief Financial Officer Ivan R. Habibe said, “We are pleased to have worked with our lending partners to reach this mutually satisfactory agreement. We have jointly established new appropriate covenant targets extending through the remainder of the term of the credit facility.”
Baldwin President and CEO Mark Becker added, “We were able to demonstrate to our lenders that Baldwin is on track to successfully refinance its existing credit facility prior to its maturity in November. The combination of recent changes in our global organization structure, restructuring steps already taken and continued improvements in our order trends bodes well for Baldwin’s future with a much improved business model.”
The Company will include the Waiver and Amendment as an exhibit to its Form 10-Q for the third quarter, which it plans to complete and file no later than May 23, 2011.
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