Opinion Research (NASDAQ:ORCI)
Historical Stock Chart
From Jun 2019 to Jun 2024
Opinion Research Announces Refinancing Savings
PRINCETON, N.J., March 15 /PRNewswire-FirstCall/ -- Opinion Research
Corporation (NASDAQ:ORCI), today announced a refinancing of its existing
subordinated debt with less costly long-term debt. The Company entered into a
$15.0 million five year term loan provided by Citizens Bank of Pennsylvania and
First Horizon Bank and repaid $20.5 million of term debt having a weighted
average interest rate of 13.2%. The new loan carries an interest rate of LIBOR
plus 3.5%. The difference between the proceeds from the new loan and the
balance repaid was financed under an existing revolving credit. At current
interest rates the new financing structure will reduce interest expense over
the next year by $1.3 million. In connection with this transaction the Company
will write-off unamortized loan fees and an original issuance discount totaling
$813,000 and incur a prepayment penalty of $360,000.
About Opinion Research Corporation
Founded in 1938, Opinion Research Corporation provides health and demographic
research for government agencies, commercial market research, information
services, teleservices and consulting. The company is a pioneering leader in
the science of market and social research and has built a worldwide
data-collection network. Further information is available at
http://www.opinionresearch.com/.
Forward-looking Statements
This release contains, within the meaning of the safe harbor provision of the
Private Securities Litigation Reform Act of 1995, forward-looking statements
that are based on management's beliefs and assumptions, current expectations,
estimates and projections. Many of the factors that will determine the
company's financial results are beyond the ability of the company to control or
predict. These statements are subject to risks and uncertainties, including
general economic conditions, the loss of one or more of our large clients, the
impact of litigation and the impact of a common stock offering; therefore,
actual results may materially differ. Other important factors and risks that
may affect future results are described in the company's filings with the
Securities and Exchange Commission, copies of which are available upon request
from the company. The company disclaims any obligation to update any
forward-looking statements whether as a result of new information, future
events, or otherwise.
DATASOURCE: Opinion Research Corporation
CONTACT: Douglas L. Cox, Executive Vice President, Chief Financial
Officer, Opinion Research Corporation, +1-609-452-5274
Web site: http://www.opinionresearch.com/