| Westford,
Massachusetts -- February 10, 2000 -- GenRad, Inc.
(NYSE: GEN) today announced that it has secured a commitment
for a Revolving Credit and Term Loan in the amount of
$125 million. FleetBoston Financial has committed to provide
a $75 million term loan, which GenRad will use for general
corporate purposes, including acquisitions, and a $50
million revolver. Fleet Corporate Finance, a division
of FleetBoston Robertson Stephens, will act as lead-arranger
in syndicating the transaction.
GenRad’s Chairman and Chief Executive Jim Lyons
said, "Having these funds readily available, gives
us the flexibility and the competitive edge necessary
to aggressively pursue new acquisition opportunities
as they arise."
"We are pleased to assist a longtime client like
GenRad by providing this commitment," said Gregory
Foy, group executive of FleetBoston Financial’s
Technology and Communications Group. "We are confident
that this financing will enable them to execute their
long-term growth strategy."
About FleetBoston Financial
FleetBoston Financial is the eighth-largest bank holding
company in the United States. A $190 billion diversified
financial services company, it offers a comprehensive
array of innovative financial solutions to 20 million
customers in some 20 countries. Among the company’s
key lines of business are: retail banking, with over
1,500 branches in the Northeast; commercial banking,
including capital markets/investment banking and commercial
finance; investment services, including discount brokerage;
and full-service banking through more than 250 offices
in Latin America. FleetBoston Financial is headquartered
in Boston and listed on the New York Stock Exchange
(NYSE: FBF).
GenRad Background
GenRad, Inc. provides electronics OEMs and their customers
with the hardware, software and services to increase
productivity by optimizing product design, manufacturing
and after-market service. GenRad, headquartered in Westford,
MA, offers products and services through three business
units: Advanced Diagnostic Solutions (ADS), Electronic
Manufacturing Solutions (EMS), and GR Software (GRS).
GenRad’s web site address is http://www.genrad.com.
GenRad’s most current shareholder information
is available by visiting our Website at http://www.genrad.com
or calling our Fax on Demand Service at (800) 469-1261.
Statements made in this press release which are not
historical, including statements regarding future performance,
product capabilities and markets are forward looking
statements and as such are subject to a number of risks.
Factors that may cause results to differ materially
from those projected are discussed in GenRad’s
1998 Annual Report on Form 10-K for the fiscal year
ending January 2, 1999 and form 10-Q for the quarter
ended October 2, 1999 under the section "Management’s
Discussion and Analysis of Financial Conditions and
Results of Operations – Factors That May Affect
Future Results." |
