RAVE Announces New Credit Facility
23 December 1998
RAVE Announces New Credit FacilityALEXANDRIA, La., Dec. 22 -- Rankin Automotive Group, Inc. d/b/a USA AUTO STORES is pleased to announce that Heller Corporate Finance, a division of Heller Financial, Inc. , has approved a new credit facility of $25 million for the Company and has agreed to act as agent to place up to an additional $23 million of indebtedness. The purpose of the facility is to replace the Company's existing credit facility of $7.5 million thereby allowing the company to facilitate its growth through acquisitions and provide the Company with additional working capital, if needed. The Company continues to target certain automotive parts distributors for acquisition. It is expected that the new credit facility will be consummated on or about January 29, 1999. Some of the information in this press release constitutes forward-looking information based on current information and expectations of the Company that involve a number of uncertainties. Among the factors that could materially affect the validity of the forward-looking information are the following: changes in current industry trends, changes in competitive factors, changes in the economic environment in which the Company has its operations, and other factors which would generally affect the operations of the Company. Rankin Automotive Group, Inc. d/b/a USA AUTO STORES is a specialty supplier and retailer of automotive replacement parts, tools, supplies, equipment and accessories to both the professional mechanics and do-it- yourself customers. The Company presently operates in 42 locations in the states of Louisiana, Texas and Mississippi.