Shiloh Industries reduces bank debt by over $60 million

By Sara Rosenberg

New York, March 5 - Shiloh Industries Inc. reduced its bank debt by more than $60 million by Jan. 31 compared to debt levels at Jan. 31, 2002. The reduction in debt has lowered the company's interest expense by approximately $900,000.

As of Jan. 31, the company had $203.7 million outstanding under its revolver and availability of $53.2 million.

"Our operations continue to generate cash, which we are using to invest prudently in optimizing our systems and processes and to lower our debt," said Theodore K. Zampetis, president and chief executive officer, in a news release. "We will continue to manage cash efficiently by reducing our investment in working capital, which we anticipate will enable us to meet our pension funding requirements and further reduce our borrowings."

Shiloh Industries is a Cleveland manufacturer of blanks, engineered welded blanks, engineered stampings and modular assemblies for the automotive and heavy truck industries.

Watson Pharmaceuticals to retire bank debt with proceeds from convertibles offering

New York, March 5 - Watson Pharmaceuticals Inc. will use proceeds from its upsized $500 million offering of convertible senior debentures due 2023 to retire existing debt under its credit facility.

On Tuesday, the Corona, Calif. specialty pharmaceutical company announced the receipt of commitment letters from a group of lenders for a new $300 million senior unsecured five-year revolver.

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