Noble International, Ltd. Announces New Credit Facility for $105 Million
4 June 1999
Noble International, Ltd. Announces New Credit Facility for $105 MillionBLOOMFIELD HILLS, Mich., June 4 -- Noble International, Ltd. ("Noble") (Amex: NIL) today announced that on June 2, 1999, it entered into a Second Amended and Restated Revolving Credit Agreement of $105 million with a syndicate of banks led by Comerica (the "Credit Agreement"). The Credit Agreement replaces Noble's existing $70 million facility with Comerica and allows for multi-currency loans to Noble's domestic and international subsidiaries. The bank group includes Comerica Bank as Agent, Standard Federal Bank as Co-Agent, National Bank of Canada and Bank of Nova Scotia. The Credit Agreement expires in 2002, is secured by the assets of Noble and its subsidiaries and provides for the issuance of up to $5 million in standby or documentary letters of credit. Robert J. Skandalaris, Noble's Chairman & CEO stated, "We are extremely pleased with the confidence that the banking syndicate has demonstrated in Noble by providing for this new credit facility. The increased availability will allow Noble to provide working capital to our business units as they grow to meet their customer's demands. The Credit Agreement will also allow us to continue to bring value to our shareholders through internal growth and strategic acquisitions." Noble International, Ltd. is a leading full-service supplier of automotive parts, technology, component assemblies and value-added services to the automotive industry. As a supplier, Noble provides design, engineering, manufacturing, complete program management and other services to the automotive market. Noble delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive suppliers, thereby helping Noble's customers increase their productivity while controlling costs. Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.