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ROCK OF AGES CORP (ROAC)
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Create: Alert |
All | News | Filings
| Date Filed | Type | Description |
| 01/04/2005 |
8-K
| Entered into consulting agreement|
Docs:
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"Section 1",
"Rock of Ages Announces Increase In Credit Facility To $50 Million From $30 Million CONCORD, NEW HAMPSHIRE, January 4, 2005 . . . Rock of Ages Corporation announced today that it has increased its existing credit facility with The CIT Group/Business Credit, Inc. to $50 million from $30 million. In connection with the increase, Chittenden Trust Company of Burlington, Vermont, has become a 40% participant in the total facility. With the exception of a participation fee of 2 basis points paid to Chittenden Trust Company on its share of the facility and legal fees estimated at $10,000, all other material terms of the existing credit facility are unchanged. The total amount outstanding on the credit facility as of this date is approximately $23.1 million, consisting of $16 million under the $30 million acquisition term loan portion and $7.1 million under the $20 million revolving loan portion. The expiration date of the facility remains October 25, 2007. Kurt M. Swenson, Chairman and CEO of Rock of Ages said, "Our decision to reduce the credit facility in July 2003 rather than pay the increased rates that would have been required at that time was the right one. Now we are pleased to welcome Chittenden as a participant with CIT. We also are pleased that a number of other lenders sought to participate. The increased credit facility will provide us with additional financial capacity to grow our business in accordance with our strategic plan." About Rock of Ages Rock of Ages is the largest integrated granite quarrier, manufacturer and retailer of finished granite memorials and granite blocks for memorial use in North America. Forward-Looking Statements" |
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