Cybex International, Inc. has successfully refinanced in full its prior credit facility. Cybex new credit arrangements include a $19,000,000 working capital and term loan facility from CIT Group/Business Credit, Inc. and a $11,000,000 mortgage loan from Hilco Capital LP. As part of the refinancing, Cybex principal shareholder, UM Holdings Ltd, exchanged $4,900,000 of subordinated notes for a new series of Cumulative Convertible Preferred Stock, and provided additional credit support.
John Aglialoro, Chairman and CEO, stated “The new credit facility removes a major uncertainty for the Company and provides Cybex with liquidity to pursue its business plan. We appreciate the confidence shown in us by CIT, Hilco and UM.”
