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Babcock Power gets credit for acquisitions

8 June 2005 – The US supplier of products and services to the power generation industry, Babcock Power, has increased its rolling credit facility by 25 per cent to fund future acquisitions.

Babcock said its Revolving Credit and Security Agreement with PNC Business Credit, the asset lending arm of PNC Bank, had been renewed and increased to $50m to provide additional flexibility in support of its growth prospects.

Separate from the renewed credit facility with PNC, the company also agreed a term loan facility with LaSalle Bank, primarily to support its acquisition plans.

Anthony Brandano, Babcock’s CFO, said: “These additions, along with the company’s ever strengthening financial position, will provide BPI (Babcock Power Inc.) with the necessary financial resources to continue our plan of growth and acquisition that strategically fits with our existing product lines and markets.”