Houston Wire & Cable Company Executes Second Amended and Restated Loan Security Agreement
Houston
Wire & Cable Company Executes Second Amended and Restated Loan Security
Agreement
Houston,
TX—September 23, 2009 – Houston Wire & Cable Company (NASDAQ: HWCC) (the
“Company”) through its wholly owned subsidiary, HWC Wire & Cable Company
(the “Borrower”) announced the execution of the Second Amended and Restated Loan
Security Agreement (Loan Agreement) dated September 21, 2009.
Financing
is being provided by Bank of America, N.A, and the $75 million asset-based
facility has a four-year term that expires on September 20, 2013. All of the
assets of the Borrower, with the exception of its real property, have been
pledged as security for the Loan Agreement. The Company is also a guarantor for
the Loan Agreement.
Xxxxxxx
Xxxxxxxxxx, President & CEO commented, “We are pleased to continue our
long-term lending relationship with Bank of America for the next four
years. We believe the terms of the Loan Agreement are in line with
current credit market conditions. This agreement will give HWC the necessary
financing to continue operating the Company in accordance with our current
business plan.”
About
the Company
With more
than 30 years experience in the electrical industry, Houston Wire & Cable
Company is one of the largest distributors of specialty wire and cable and
related services in the U.S. electrical distribution market. Headquartered in
Houston, Texas, HWCC has sales and distribution facilities in Atlanta, Baton
Rouge, Charlotte, Chicago, Denver, Houston, Los Angeles, Philadelphia, San
Francisco, Seattle and Tampa.
Standard
stock items available for immediate delivery include continuous and interlocked
armor, instrumentation, medium voltage, high temperature, portable cord, power
cables and private branded products, including LifeGuard™, a low-smoke,
zero-halogen cable. HWCC’s comprehensive value-added services include same-day
shipping, knowledgeable sales staff, inventory management programs, just-in-time
delivery, logistics support, customized internet-based ordering capabilities and
24/7/365 service.
Forward-Looking
Statements
This
release contains comments concerning management’s view of the Company’s future
expectations, plans and prospects that constitute forward-looking statements for
purposes of the safe harbor provisions under the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that forward-looking
statements are inherently uncertain and projections about future events may and
often do vary materially from actual results.
Risk
factors that may cause actual results to differ materially from statements made
in this press release can be found in the MD&A Section of the Company’s
Annual Report on Form 10-K for the period ended December 31, 2008, filed with
the SEC on March 16, 2009. This document and other SEC filings are
available under the Investor Relations section of the company’s website at xxx.xxxxxxx.xxx.
Any
forward-looking statements speak only as of the date of this press release and
the Company undertakes no obligation to publicly update such
statements.
CONTACT:
Hope X.
Xxxxxxx
Manager -
Investor Relations
Direct: 000.000.0000
Fax: 000.000.0000
xxxxxxxx@xxxxxxx.xxx
