01.12.2005

JLG finalises new five year $200 million credit line

JLG has finalised a new five year $200 million senior credit facility, which can be expanded at a later date to $300 million. The facility is intended for working capital and “other general corporate purposes”

The company says that the credit line has a lower cost and more flexibility to the previous agreement. The interest rate will flex dependent on security availability of short term assets, including debtors and inventory.

The credit line has been provided by a syndicate of 12 lenders, arranged by SunTrust Bank through its Asset Based Lending Group.

"The new credit agreement provides ample liquidity for our business plan,"
stated Bob Cribbs, Vice President and Treasurer. "In addition to increased availability and the extended term, the new facility has a lower cost and significantly increased flexibility compared to the previous agreement. We are very pleased with the continued support of our lending group, many of which have a long-standing relationship with JLG. In addition, we have added some important new partners to the group. This facility represents a significant component of our capital structure and supports JLG's strategic plan."