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December 1, 1987

COMPUTER CONSOLES RAISES $48m TO REPAY DEBT WITH SALE OF PART OF LEASE BASE

By CBR Staff Writer

Computer Consoles Inc is raising a bit of cash for itself by selling 40% of its portfolio of leased computer-based directory enquiry systems to General Electric Credit Corp. The sale, for approximately $48m, has been made by the Waltham, Massachusetts company’s wholly-owned Computer Consoles Leasing Corp of Rochester, New York, and will lead to Computer Consoles reporting an extraordinary net gain of about $4m with its fourth quarter figures. Under certain conditions, Computer Consoles could receive additional sums totalling up to $3m over 1989 and 1990. The sale is expected to be completed within a week and the proceeds will be used to repay all existing bank loans. Chairman and chief executive John Cunningham comments that By closing this transaction we will materially strengthen our balance sheet and reduce our debt repayment requirements. Although this sale will result in a reduction of approximately $7m in lease revenues for 1988, it will afford a $4m reduction in interest expense. We believe it puts the company on a solid financial footing to exploit the rich technology that we have in our Rochester Communications Systems Division and our Irvine, California, Computer Products Division, concluded Cunningham.

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