Lexmark International Inc, the Greenwich, Connecticut-headquartered company that was once IBM Corp’s mass market printer and keyboards business, wants to make more acquisitions – it bought a small company in Australia several months back – and reports that it has successfully negotiated a new bank credit agreement to provide greater flexibility for such strategic acquisitions. The $400m agreement with a syndicate of banks, with J P Morgan continuing as lead agent, reduces its interest costs, substantially increases the company’s revolving line of credit and provides far more flexibility in the use of the funds. Lexmark reduced its total debt to $290m by year-end 1994 from its original debt of $950m with which IBM and the buyout lumbered it. Lexmark can now refinance the $150m bank debt element in its $290m debt, and its available revolving credit is now $250m, up from $150m.
