Science & Technology
Science and Technology
Science and Technology
Thu, September 30, 2010
Wed, September 29, 2010
DDi Corp. Enters into $25 Million Revolving Credit Facility
ANAHEIM, Calif.--([ BUSINESS WIRE ])--DDi Corp. (NASDAQ: DDIC), a leading provider of time-critical, technologically advanced electronic interconnect design, engineering and manufacturing services, today announced that the Company has entered into a $25 million asset-based credit facility. The facility has an accordion provision that allows the company to increase the size to $40 million. The borrowing base under the credit facility will be subject to periodic adjustment based upon the values assigned to the Company's eligible accounts receivable and inventory. The facility has a term of three years and provides flexibility to fund a variety of investments including, but not limited to, working capital, capital expenditures and acquisitions.
"The new credit agreement enhances our strong working capital position and further increases our financial flexibility"
The new credit facility replaces the companya™s previous asset-based financing facility, which was terminated in December of 2009. The Company had no amount outstanding under the previous facility at the time of termination.
aThe new credit agreement enhances our strong working capital position and further increases our financial flexibility,a said Mikel H. Williams, DDia™s President and Chief Executive Officer. aWe believe this credit facility will enable us to take advantage of opportunities to improve our business in pursuit of our goal of driving shareholder return."
About DDi
DDi is a leading provider of time-critical, technologically advanced electronic interconnect design, engineering and manufacturing services. Headquartered in Anaheim, California, DDi and its subsidiaries offer services to leading electronics OEMs and contract manufacturers worldwide from its facilities across North America and with manufacturing partners in Asia.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding the Company's assumptions, projections, expectations, targets, intentions or beliefs about future events. Words or phrases such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," "will likely result," "will continue," "may," "could" or similar expressions identify forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. The Company cautions that while it makes such statements in good faith and it believes such statements are based on reasonable assumptions, including without limitation, management's examination of historical operating trends, data contained in records, and other data available from third parties, it cannot assure you that the Company's projections will be achieved. In addition to other factors and matters discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission, or the SEC, some important factors that could cause actual results or outcomes for DDi or its subsidiaries to differ materially from those discussed in forward-looking statements include changes in general economic conditions in the markets in which it may compete and fluctuations in demand in the electronics industry; the Company's ability to sustain historical margins; changes in the Company's cash balances and cash requirements; increased competition; increased costs; loss or retirement of key members of management; currency exchange rate fluctuations; integration of acquired operations; international operations; compliance with environmental regulations; increases in the Company's cost of borrowings or unavailability of additional debt or equity capital on terms considered reasonable by management; and adverse state, federal or foreign legislation or regulation or adverse determinations by regulators. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors.
