Trimble Enters into a Five-Year, $1.4 Billion Amended and Restated Bank Credit Facility
SUNNYVALE, Calif., Nov. 21, 2012 /PRNewswire/ -- Trimble (NASDAQ: TRMB) today announced that it has entered into a five-year, $1.4 billion amended and restated bank credit facility, comprised of a $700 million revolving credit facility and a $700 million term loan facility. The new facility replaces Trimble's previous $1.1 billion facility, comprised of a $700 million revolving credit facility and $400 million term loan facility.
"We are pleased with the considerable interest demonstrated by the participating banks to increase and extend our bank credit facility," said Rajat Bahri, Trimble's chief financial officer. "The revised facility provides us with increased flexibility and improved terms."
J.P. Morgan Securities LLC ("JPMorgan"), The Bank of Nova Scotia, and Wells Fargo Securities LLC acted as lead arrangers.
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.
For more information visit: www.trimble.com.
Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include the availability of $1.4 billion under the new credit facility and the additional flexibility provided by it. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release. For example, the company's ability to borrow under the revolving credit facility will be subject to conditions that would need to be satisfied at the time of borrowing. The Company's financial results will also depend on a number of other factors and risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10- K, such as changes in economic conditions, critical part supply chain shortages, possible write-offs of goodwill, and regulatory proceedings affecting GPS. Undue reliance should not be placed on any forward-looking statement contained herein, especially in light of greater uncertainty than normal in the economy in general. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.