Bestway, Inc. Announces Amended and Restated Revolving Credit Loan Agreement And Subordinated Note Extension Agreement
26 Febrero 2004 - 4:00PM
PR Newswire (US)
Bestway, Inc. Announces Amended and Restated Revolving Credit Loan
Agreement And Subordinated Note Extension Agreement DALLAS, Feb. 26
/PRNewswire-FirstCall/ -- Bestway, Inc. today announced that the
Company amended and restated its Revolving Credit Loan Agreement
with Comerica Bank. In the amendment, Comerica extended the
maturity date from May 31, 2005 to May 31, 2006 and modified the
interest rate. The amendment adds a minimum year to date capital
expenditure requirement and acquisition requirement. The Company
also amended the subordinated note payable to O'Donnell &
Masur, L.P. dated October 26, 2001. The amendment extended the
maturity date from May 31, 2005 to May 31, 2006. Bestway, Inc. owns
and operates a total of sixty-nine rent-to-own stores located in
the southeastern United States. These stores generally offer high
quality brand name merchandise such as home entertainment
equipment, appliances, furniture and computers under flexible
rental purchase agreements that generally allow the customer to
obtain ownership of the merchandise at the conclusion of an agreed
upon rental period. This press release and the guidance above
contain various "forward-looking statements" that involve risks and
uncertainties. Forward-looking statements represent the Company's
expectations or beliefs concerning future events. Any
forward-looking statements made by or on behalf of the Company are
subject to uncertainties and other factors that could cause actual
results to differ materially from such statements. These
uncertainties and other factors include, but are not limited to,
(i) the ability of the Company to open or acquire additional
rental-purchase stores on favorable terms, (ii) the ability of the
Company to improve the performance of such acquired stores and to
integrate such opened or acquired stores into the Company's
operations, (iii) the impact of state and federal laws regulating
or otherwise affecting rental- purchase transactions, (iv) the
impact of general economic conditions in the United States and (v)
the impact of terrorist activity, threats of terrorist activity and
responses thereto on the economy in general and the rental-
purchase industry in particular. Undo reliance should not be placed
on any forward-looking statements made by or on behalf of the
Company as such statements speak only as of the date made. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
the occurrence of future events or otherwise. DATASOURCE: Bestway,
Inc. CONTACT: Beth A. Durrett, Chief Financial Officer,
+1-214-630-6655, or , or David A. Kraemer, President and Chief
Executive Officer, +1-214-630-6655, or , both of Bestway, Inc.
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