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GenCorp announces structure on new $175 million facility
By Paul A. Harris
St. Louis, Nov. 8 - GenCorp. Inc.'s $175 million secured credit facility will be comprised of a $75 million revolving credit facility, a $25 million term loan, and a six-year $75 million letter of credit, according to a company news release.
Wachovia is the lead bank on the deal.
The maturity dates may be accelerated to January 2007 if the company's 5¾% convertible subordinated notes remain outstanding at that time, according to the release.
Proceeds will be used to refinance existing debt.
GenCorp. is a Rancho Cordova, Calif., technology-based manufacturer of aerospace and defense products and systems.
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