Multi-Color Corporation Secures New Bank Financing of $38 Million
Press release from the issuing company
CINCINNATI, July 12 -- Multi-Color Corporation announced it has entered into a new $38 million credit agreement that will provide the Company with greater financial flexibility, long-term financing and the ability to continue to fund its aggressive growth strategy.
The new credit facility is being funded by four banks. PNC Bank, National Association, headquartered in Pittsburgh, is serving as the lead bank. Other banks participating include KeyBank, a subsidiary of Cleveland-based KeyCorp, Harris Bank, a subsidiary of the Bank of Montreal, and LaSalle Bank, an ABN Amro bank with headquarters in Chicago and a new loan production office in Cincinnati.
Funds received from the new credit agreement will be used for:
* Working capital, general corporate needs and capital expenditures.
* Refinance existing senior debt.
* To fund potential acquisitions.
"The new credit facility enables us to continue to execute our Company's long range strategy of broadening the products and services we offer to the consumer products industry," said Multi-Color President and CEO, Frank Gerace. "And acquisitions are a vital part of this growth strategy."
Multi-Color has acquired four separate companies in the past 2-1/2 years, with its most recent purchase of Quick Pak, Inc., a leading provider of promotional packaging, assembling and fulfillment services, occurring less than six weeks ago.
Multi-Color was also named to Fortune Small Business Magazine's list of "Top 100 Fastest Growing Small Companies" in America last month.
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