/C O R R E C T I O N -- Falcon Products, Inc./
2004年9月18日 - 9:42AM
PRニュース・ワイアー (英語)
/C O R R E C T I O N -- Falcon Products, Inc./ In the news release,
Falcon Products (NYSE: FCP) Announces Refinancing Commitment Letter
With Levine Leichtman Capital Partners, issued earlier today by
Falcon Products over PR Newswire, we are advised by a
representative of the company that the news release was originally
issued inadvertently. Complete, corrected release follows: ST.
LOUIS, Sept. 17 /PRNewswire-FirstCall/ -- Falcon Products, Inc.
(NYSE:FCP), a leading manufacturer of commercial furniture, today
announced that it has received a commitment letter from Levine
Leichtman Capital Partners. The Los Angeles-based private equity
firm manages in excess of $1 billion in institutional capital, and
is leading a group of investors in a $135 million refinancing of
Falcon's existing credit facility. Terms of the financing will be
disclosed upon completion of the transaction, which is scheduled on
or around September 30, 2004. "We're pleased to have reached this
agreement with Levine Leichtman Capital Partners. The refinancing
will provide us with significant liquidity and covenant relief, as
we continue to execute our turnaround," Franklin A. Jacobs,
Chairman and Chief Executive Officer stated. "This is a strong
partner that is known for its successful investments. We were also
pleased to have worked with Imperial Capital, the investment
bankers who assisted us in successfully achieving this commitment
from Levine Leichtman Capital Partners." "Falcon is the leader in
the industry and we're excited about the opportunity to build on
their strengths and take advantage of improving industry
fundamentals," stated Arthur E. Levine, Founding General Partner of
Levine Leichtman Capital Partners. "We anticipate completing this
transaction by month end and having a long-term relationship with
Falcon." Levine Leichtman Capital Partners is a Los Angeles,
California private equity firm that manages in excess of $1 billion
in institutional capital. Founded in 1984, the investment firm
makes structured equity investments in industry leading middle
market companies owned and managed by entrepreneurs. The firm
enhances shareholder value by providing significant post investment
financial assistance to its portfolio companies. Successful
investments by Levine Leichtman Capital Partners include Media Arts
Group Inc., Jon Douglas Real Estate Services Group, Inc., Consumer
Portfolio Services, Inc., the Quizno's Corporation and CiCi's
Pizza, Inc. Falcon Products, Inc. is the leader in the commercial
furniture markets it serves, with well-known brands, the largest
manufacturing base and the largest sales force. Falcon and its
subsidiaries design, manufacture and market products for the
hospitality and lodging, food service, office, healthcare and
education segments of the commercial furniture market. Falcon,
headquartered in St. Louis, Missouri, currently operates 8
manufacturing facilities throughout the world and has approximately
2,100 employees. Safe harbor statement under the Private Securities
Litigation Reform Act of 1995: Statements contained in this news
release which are not historical facts are forward-looking
statements, which involve risks and uncertainties which could
impact future financial performance. Factors which could cause
future performance to differ from those anticipated by these
forward-looking statements include, but are not limited to, the
ability of the Company to refinance its senior credit facility or
obtain waivers of noncompliance with financial covenants on terms
reasonable to the Company, if at all, the ability of the Company to
service its debt obligations and satisfy the covenants in its loan
obligations, the loss of key customers or suppliers within specific
industries, the availability or cost of raw materials, increased
competitive pricing pressures reflecting industry conditions, the
general demand for products, general economic conditions, economic
conditions in the markets served by the Company, and other factors.
Additional cautionary statements regarding other risk factors that
could have an effect on future performance of the Company are
described in Falcon's periodic filings with the Securities and
Exchange Commission. Although Falcon believes the expectations
reflected in any forward-looking statements are based on reasonable
assumptions, Falcon can give no assurance that its expectations
will be attained. Any forward- looking statements represent the
best judgment of Falcon as of the date of this release. Falcon
disclaims any obligation to update any forward-looking statements.
FOR FURTHER INFORMATION AT THE COMPANY: Gene Fleetwood 9387 Dielman
Industrial Drive St. Louis, MO 63132 (314) 991-9200 PRNewswire --
Sept. 17 DATASOURCE: Falcon Products, Inc.
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