Press Release 15 January 1998
WAUKEGAN, Ill., Jan. 15 /PRNewswire/ -- David Jones, president and chief executive officer of Outboard Marine Corporation today announced the successful execution of a new three-year, $150 million revolving line of credit with NationsBank Business Credit.
"We are looking forward to our new partnership with NationsBank," said Jones. "The resources and financial leadership of NationsBank give OMC the working capital necessary to achieve our strategic objectives and they also strengthen our marketplace credibility as we work to bring this company back to profitability."
Andy Hines, chief financial officer for OMC, added, "NationsBank was selected from a number of financial institutions competing for our business, The interest that is being shown by the financial community is a positive statement that OMC's short and long-term strategic plans are on the right track."
NationsBank Business Credit is a division of NationsBank Corporation, the third largest banking company in the United States.
OMC is a leading manufacturer and marketer of marine engines, boats, accessories and FICHT(TM) fuel injection -- the industry's premier low- emission two-stroke engine technology. SOURCE Outboard Marine Corporation
RBBI Comments: The strong use of David Jone's name in the press release might be worth noting. Maybe the banks are approving of his choice as leader? Maybe he is the new "Iron Fist"?, Maybe this is a vote of confidence in his leadership? Whatever it means, OMC now has a stronger financial base and can more seriously begin its comeback.