Cendant Corporation Completes New $3.5 Billion Revolving Credit Facility
23 November 2004 - 12:25AM
PR Newswire (US)
Cendant Corporation Completes New $3.5 Billion Revolving Credit
Facility New Five-Year Facility Replaces Existing Facility
Scheduled to Mature in 2005 NEW YORK, Nov. 22
/PRNewswire-FirstCall/ -- Cendant Corporation announced today that
it has entered into a new five-year, $3.5 billion revolving credit
facility. The new credit facility replaces Cendant's existing $2.9
billion revolving credit facility, which had been scheduled to
mature in December 2005. "This renewal of Cendant's principal
credit facility enhances Cendant's liquidity by providing committed
financing for the next five years at a significantly lower cost
than our prior facility," said Cendant's President and Chief
Financial Officer, Ronald L. Nelson. J.P. Morgan Securities Inc.
and Banc of America Securities LLC served as joint-lead arrangers
of the financing. Statements about future results made in this
release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements are based on current expectations and the current
economic environment. The Company cautions that these statements
are not guarantees of future performance. Actual results may differ
materially from those expressed or implied in the forward-looking
statements. Important assumptions and other important factors that
could cause actual results to differ materially from those in the
forward-looking statements are specified in Cendant's Form 10-Q for
the quarter ended September 30, 2004. Such forward-looking
statements include projections. Such projections were not prepared
in accordance with published guidelines of the American Institute
of Certified Public Accountants or the SEC regarding projections
and forecasts, nor have such projections been audited, examined or
otherwise reviewed by independent auditors of Cendant or its
affiliates. In addition, such projections are based upon many
estimates and are inherently subject to significant economic,
competitive and other uncertainties and contingencies, including
but not limited to the impact of war or terrorism, which are beyond
the control of management of Cendant and its affiliates.
Accordingly, actual results may be materially higher or lower than
those projected. The inclusion of such projections herein should
not be regarded as a representation by Cendant or its affiliates
that the projections will prove to be correct. About Cendant
Corporation Cendant is primarily a provider of travel and
residential real estate services. With approximately 90,000
employees, New York City-based Cendant provides these services to
businesses and consumers in over 100 countries. More information
about Cendant, its companies, brands and current SEC filings may be
obtained by visiting the Company's Web site at
http://www.cendant.com/ or by calling 877-4-INFOCD (877-446-3623).
DATASOURCE: Cendant Corporation CONTACT: Media, Elliot Bloom,
+1-212-413-1832, or Investor, Sam Levenson, +1-212-413-1834, or
Henry A. Diamond, +1-212-413-1920, all of Cendant Corporation Web
site: http://www.cendant.com/
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