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Technology / AI and automation

MEMOREX WINS MULTI-CURRENCY FACILITY TO REDEEM $225m BONDS, CUT INTEREST BILL

Memorex International NV has been granted a $250m multi-currency revolving credit agreement with Morgan Guaranty Trust Co and 16 commercial banks, which will enable it to redeem $225m of bonds issued in connection with its management buyout from Unisys Corp. The arrangement will reduce its annual interest payments by $16m. The company has already paid off, in July, $100m of the $550m debt burden it assumed at the time of the management buy-out, much earlier than originally required, and was able to do so as a result, it says, of strong cash and inventory management policies. Memorex also says that it had operating profits of $45m on sales of $500m in the six months to May 31, and ex-pects to be a billion dollar company at year-end. Flotation of its shares in London and New York are in the peripherals marketing firm’s mid-term plan.

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CBR Staff Writer

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