KHD Humboldt Wedag International Ltd. Completes US$257 Million Credit Facility
30 November 2006 - 1:30PM
PR Newswire (US)
- Also Sells Its Banking Subsidiary and Buys Back 790,000 Shares -
HONG KONG, Nov. 30 /PRNewswire-FirstCall/ -- KHD Humboldt Wedag
International Ltd. ("KHD") (NASDAQ:KHDH) announces that it has
obtained a US$257 million (EUR195 million) credit facility. The
credit facility was syndicated with the lead arranger, Raiffeisen
Zentralbank Osterreich AG, Vienna, Austria. With this facility, KHD
has the financial capacity to provide the guarantees and bonds
required to capitalize on market dynamics and to continue with its
growth plans. Jim Busche, CEO of KHD, commented, "This is a major
building block for our future. It was only two years ago that the
company's credit facility amount was limited. We are extremely
pleased as it allows us to pursue projects in all of our
international markets. We thank all of the participating banks for
their support, especially Raiffeisen Zentralbank Osterreich AG and
its team." KHD also announces the continuing monetization of its
non-core assets. KHD has sold its banking subsidiary to Mass
Financial Corp. ("Mass"), KHD's former subsidiary that was
distributed to its shareholders in January, 2006. The sale price is
at KHD's carrying value and will require certain regulatory
approvals. In addition, we repurchased, as part of the sale of the
Bank, from Mass 790,000 of our common shares of KHD at the initial
price of $34.88 a share, and will retire them, which has reduced
our shares outstanding by 5.2 percent. Michael Smith, Chairman of
KHD, stated, "We are working to fulfill our goal of divesting
ourselves of the legacy assets and having KHD with no significant
amount of fixed assets. This business model will allow KHD to grow
without substantial capital requirements." About KHD Humboldt Wedag
International Ltd. KHD Humboldt Wedag International Ltd. (the
"Company") owns companies that operate internationally in the
industrial plant engineering and equipment supply industry, and
specializes in the cement, coal and minerals processing industries.
To obtain further information on the Company, please visit our
website at http://www.khdhumboldt.com/ Certain statements in this
release are forward-looking statements, which reflect the
expectations of management regarding the Company's future growth,
results of operations, performance and business prospects and
opportunities. Forward-looking statements consist of statements
that are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
assumptions. These assumptions, which include, management's current
expectations, estimates and assumptions about certain projects and
the markets the Company operates in, the global economic
environment, interest rates, exchange rates and the Company's
ability to attract and retain customers and to manage its assets
and operating cost, may prove to be correct. Contact Information:
Allen & Caron Inc Joseph Allen (investors) (212) 691-8087 or
Len Hall (media) (949) 474-4300 or Rene Randall KHD Humboldt Wedag
International Ltd. (604) 683-8286 DATASOURCE: KHD Humboldt Wedag
International Ltd. CONTACT: Joseph Allen (investors),
+1-212-691-8087, , or Len Hall (media), +1-949-474-4300, , both of
Allen & Caron Inc, for KHD Humboldt Wedag International Ltd.;
or Rene Randall of KHD Humboldt Wedag International Ltd.,
+1-604-683-8286, Web site: http://www.khdhumboldt.com/
Copyright
Khd Humboldt Wedag (NASDAQ:KHDH)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Khd Humboldt Wedag (NASDAQ:KHDH)
Historical Stock Chart
Von Jul 2023 bis Jul 2024