1400 Union Meeting Road
Blue Bell, PA 19422
Phone: 215-619-2700
Fax: 215-619-7841
Shareholder Contacts:
Stephen E. Markert, Jr. of C&D: 215-619-7835
Joseph Crivelli of Gregory FCA, for C&D: 610-642-8253
For Immediate Release
C&D TECHNOLOGIES COMPLETES REFINANCE OF CREDIT FACILITIES
Blue Bell, PA - December 7, 2005 - C&D Technologies (NYSE: CHP), today announced
that it has completed the refinancing of its debt with the closing of $125
million of new credit facilities. The credit facilities, closed today, follow on
the heels of the company's private placement of convertible senior notes in
November. Proceeds from all of the company's financing initiatives over the past
several weeks will be used to retire the company's existing bank lines of credit
and to provide for additional working capital availability.
The transactions that were closed today consist of two separate facilities. The
first, is a five year $75 million senior revolving line of credit. The
availability under this line of credit is determined by a borrowing base, is
secured by a first lien on certain assets and initially bears interest at the
London Interbank Offered Rate (LIBOR) plus 1.75%. Approximately $15million of
the revolving line of credit was funded at closing, and as provided under the
terms of the agreement excess borrowing capacity will be available for future
working capital needs. The second, a $50 million term note, due in 2011 is
secured by a second lien on assets, bears interest at LIBOR plus 6.75%, and will
be fully funded at closing.
Dr. Jeffrey Graves, president and CEO of C&D Technologies, commented, "Over the
past several weeks, C&D has completely restructured its debt facilities in order
to provide for additional financial flexibility as well as increased credit
availability. With today's closing, we have an improved capital structure that
will allow us to implement our integration actions in the most efficient manner
over the next few quarters to optimize our competitive position."
C&D is a leading manufacturer and marketer of electrical power storage systems
for the standby power and motive power markets. C&D also produces electronic
power supply and conversion products for large OEMs for telecommunications
networking, office, industrial and military equipment.
Forward-looking Statements:
This press release may contain forward-looking statements (within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934), which are based on management's current expectations and
are subject to uncertainties and changes in circumstances. Words and expressions
reflecting something other than historical fact are intended to identify
forward-looking statements, but are not the exclusive means of identifying such
statements. Factors that appear with the forward- looking statements, or in the
company's Securities and Exchange Commission filings (including without
limitation the company's annual report on Form 10-K for the fiscal year ended
January 31, 2005, or the quarterly and current reports filed on Form 10-Q and
Form 8-K thereafter), could cause the company's actual results to differ
materially from those expressed in any forward- looking statements made herein.