Tbc (NASDAQ:TBCC)
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TBC Corporation Obtains New Credit Facility
PALM BEACH GARDENS, Fla., June 23 /PRNewswire-FirstCall/ -- TBC Corporation
(NASDAQ:TBCC), one of the nation's leading marketers of automotive replacement
tires, announced today that the Company has entered into a new five-year
financing agreement that will provide for a $100 million term loan and a $225
million revolving credit facility at interest rates 75 to 100 basis points
lower than the $116 million term loan and $121.5 million revolving credit
facility previously in place. JP Morgan Chase served as advisor to the Company
and as lead arranger for the new credit facility.
Larry Day, TBC President and CEO, stated, "Our new credit facility will provide
us with enhanced financial flexibility on more favorable terms. We felt it was
in the best long-term interests of the Company to take advantage of the lower
interest rates available to us today. We are pleased that the facility was
oversubscribed and that the bank group recognizes the attractive growth
prospects offered by TBC."
About TBC:
TBC Corporation is one of the nation's largest marketers of automotive
replacement tires through a multi-channel strategy. The Company's retail
operations include company-operated retail centers under the "Tire Kingdom,"
"Merchant's Tire & Auto Centers" and "National Tire & Battery" brands and
franchised retail tire stores under the "Big O Tires" brand. TBC markets on a
wholesale basis to regional tire chains and distributors serving independent
tire dealers throughout the United States and in Canada and Mexico. The
Company's proprietary brands of tires have a longstanding reputation for
quality, safety and value.
TBC Corporation Safe Harbor Statement
This document contains "forward-looking statements," as that term is defined
under the Private Securities Litigation Reform Act of 1995, regarding
expectations for future financial performance, which involve uncertainty and
risk. It is possible that the Company's future financial performance may differ
from expectations due to a variety of factors including, but not limited to:
changes in economic and business conditions in the world; increased competitive
activity; consolidation within and among competitors, suppliers and customers;
unexpected changes in the replacement tire market; the Company's inability to
attract as many new franchisees or open as many distribution outlets as stated
in its goals; changes in the Company's ability to identify and acquire
additional companies in the replacement tire industry and successfully
integrate acquisitions and achieve anticipated synergies or savings;
fluctuations in tire prices charged by manufacturers, including fluctuations
due to changes in raw material and energy prices, changes in interest and
foreign exchange rates; the cyclical nature of the automotive industry and the
loss of a major customer or program. It is not possible to foresee or identify
all such factors. Any forward-looking statements in this release are based on
certain assumptions and analyses made by the Company in light of its experience
and perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Prospective investors are cautioned that any such statements are
not a guarantee of future performance and actual results or developments may
differ materially from those projected. The Company makes no commitment to
update any forward-looking statement included herein, or to disclose any facts,
events or circumstances that may affect the accuracy of any forward-looking
statement. Additional information on factors that could potentially affect the
Company or its financial results may be found in the Company's filings with the
Securities and Exchange Commission.
DATASOURCE: TBC Corporation
CONTACT: Thomas W. Garvey, Executive V.P. & Chief Financial Officer of
TBC Corporation, +1-561-227-0955; or Investors: Betsy Brod or Jonathan
Schaffer, both of Brod & Schaffer, LLC, +1-212-750-5800, for TBC Corporation
Web site: http://www.tbccorp.com/