UNOVA Obtains $275 Million in Long-Term Credit Facilities

    WOODLAND HILLS, Calif.--July 12, 2001--UNOVA, Inc. today announced that it has secured two asset-based credit facilities with aggregate committed capacity of up to $275 million. The new three-year agreements replace UNOVA's existing secured credit facility.
    The $200 million revolving credit facility was obtained from a bank syndicate led by Bank of America N. A. and Heller Financial, Inc. Borrowing availability under the facility is determined based on levels of eligible accounts receivable and inventories.
    A $75 million term loan was obtained from Special Value Investment Management LLC.
    Both facilities are secured by substantially all of the domestic assets of UNOVA and its subsidiaries, subject to the requirements relating to the Company's senior notes.
    UNOVA is a leading supplier of mobile computing and wireless network products for non-office applications and of manufacturing systems technologies primarily for the automotive and aerospace industries.