News & Events
Butler International Completes $23 Million in Term Loan Financing
August 10, 2007
For Immediate Release:
CONTACT: Mark Koscinski
mkoscinski@butler.com
201-476-5421
FORT LAUDERDALE, FL . . . Butler International, Inc. (BUTL.PK) announced today that it has successfully closed the funding of its previously announced $23 million term loan from Monroe Capital LLC ("Monroe"). The term loan was used to repay certain existing term debt, to cash collateralize certain letters of credit, and to provide additional working capital and liquidity for operations. No warrants were issued in connection with the term loan.
The term loan is subject to the lien of Butler's secured lender, General Electric Credit Corporation ("GECC"). Butler has also reached an agreement with GECC, who agreed to extend its secured line of credit of $45 million to Butler until January 31, 2008.
"We are very pleased about completing this financing. This new term loan helps set the stage for the future growth of Butler." commented Edward M. Kopko, Chairman and Chief Executive Officer of Butler International, Inc.
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