Baldwin Technology Negotiates Credit Agreement
Baldwin Technology Company, Inc., a global leader in process automation technology for the printing industry, announced it has negotiated an amendment to its credit agreement with Bank of America.
The amendment extends the maturity date of the revolving credit facility from November 21, 2011 to July 2, 2012. Vice President and CFO Ivan Habibe said, "We are pleased to have reached this agreement with our lenders to extend the maturity date of the current credit agreement through the beginning of our next fiscal year. The extension provides us with additional time to complete our project of a full refinancing of the current credit facility."
Baldwin President and CEO Mark Becker added, "We were able to demonstrate to our lenders that we've made significant progress towards successfully refinancing the existing credit facility. We expect to refinance the existing loan prior to its maturity date and appreciate the lenders working with us to provide the company additional time to achieve the optimal financing structure for Baldwin."
The company disclosed the terms of the amendment in its Form 10-K filed with the Securities and Exchange Commission on October 13th and will file the complete amendment on Form 8-K with the SEC early next week.