Falcon Prod (NYSE:FCP)
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/C O R R E C T I O N -- Falcon Products, Inc./
In the news release, Falcon Products (NYSE: FCP) Announces Refinancing
Commitment Letter With Levine Leichtman Capital Partners, issued earlier today
by Falcon Products over PR Newswire, we are advised by a representative of the
company that the news release was originally issued inadvertently. Complete,
corrected release follows:
ST. LOUIS, Sept. 17 /PRNewswire-FirstCall/ -- Falcon Products, Inc.
(NYSE:FCP), a leading manufacturer of commercial furniture, today announced
that it has received a commitment letter from Levine Leichtman Capital
Partners. The Los Angeles-based private equity firm manages in excess of $1
billion in institutional capital, and is leading a group of investors in a $135
million refinancing of Falcon's existing credit facility. Terms of the
financing will be disclosed upon completion of the transaction, which is
scheduled on or around September 30, 2004.
"We're pleased to have reached this agreement with Levine Leichtman Capital
Partners. The refinancing will provide us with significant liquidity and
covenant relief, as we continue to execute our turnaround," Franklin A. Jacobs,
Chairman and Chief Executive Officer stated. "This is a strong partner that is
known for its successful investments. We were also pleased to have worked with
Imperial Capital, the investment bankers who assisted us in successfully
achieving this commitment from Levine Leichtman Capital Partners."
"Falcon is the leader in the industry and we're excited about the opportunity
to build on their strengths and take advantage of improving industry
fundamentals," stated Arthur E. Levine, Founding General Partner of Levine
Leichtman Capital Partners. "We anticipate completing this transaction by month
end and having a long-term relationship with Falcon."
Levine Leichtman Capital Partners is a Los Angeles, California private equity
firm that manages in excess of $1 billion in institutional capital. Founded in
1984, the investment firm makes structured equity investments in industry
leading middle market companies owned and managed by entrepreneurs. The firm
enhances shareholder value by providing significant post investment financial
assistance to its portfolio companies. Successful investments by Levine
Leichtman Capital Partners include Media Arts Group Inc., Jon Douglas Real
Estate Services Group, Inc., Consumer Portfolio Services, Inc., the Quizno's
Corporation and CiCi's Pizza, Inc.
Falcon Products, Inc. is the leader in the commercial furniture markets it
serves, with well-known brands, the largest manufacturing base and the largest
sales force. Falcon and its subsidiaries design, manufacture and market
products for the hospitality and lodging, food service, office, healthcare and
education segments of the commercial furniture market. Falcon, headquartered
in St. Louis, Missouri, currently operates 8 manufacturing facilities
throughout the world and has approximately 2,100 employees.
Safe harbor statement under the Private Securities Litigation Reform Act of
1995: Statements contained in this news release which are not historical facts
are forward-looking statements, which involve risks and uncertainties which
could impact future financial performance. Factors which could cause future
performance to differ from those anticipated by these forward-looking
statements include, but are not limited to, the ability of the Company to
refinance its senior credit facility or obtain waivers of noncompliance with
financial covenants on terms reasonable to the Company, if at all, the ability
of the Company to service its debt obligations and satisfy the covenants in its
loan obligations, the loss of key customers or suppliers within specific
industries, the availability or cost of raw materials, increased competitive
pricing pressures reflecting industry conditions, the general demand for
products, general economic conditions, economic conditions in the markets
served by the Company, and other factors. Additional cautionary statements
regarding other risk factors that could have an effect on future performance of
the Company are described in Falcon's periodic filings with the Securities and
Exchange Commission. Although Falcon believes the expectations reflected in any
forward-looking statements are based on reasonable assumptions, Falcon can give
no assurance that its expectations will be attained. Any forward- looking
statements represent the best judgment of Falcon as of the date of this
release. Falcon disclaims any obligation to update any forward-looking
statements.
FOR FURTHER INFORMATION
AT THE COMPANY:
Gene Fleetwood
9387 Dielman Industrial Drive
St. Louis, MO 63132
(314) 991-9200
PRNewswire -- Sept. 17
DATASOURCE: Falcon Products, Inc.