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Quality Products, Inc. Announces Payment of a Special Dividend to Shareholders and New Bank Financing Agreement

Dépèche transmise le 12 janvier 2012 par Business Wire

COLUMBUS, Ohio--(BUSINESS WIRE)--Quality Products, Inc. (Pink Sheets: QPDC) today announced its board of directors approved a special one-time dividend of $3.00 per share, or approximately $7,230,000. The special dividend will be payable on Wednesday, February 1, 2012 to shareholders of record on Wednesday, January 18, 2012. The dividend will be funded with bank financing.

Additionally, on January 11, 2012 the Company entered into a $12,000,000 revolving line of credit agreement with a regional bank, payable at a variable interest rate of LIBOR plus 1.75%. The credit availability under this line amortizes by $3,000,000 in each of January 2014 and January 2015, with a final balloon payment of up to $6 million due when the line matures on January 11, 2016. All assets of the Company are held as collateral. This line replaces the Company’s $4,000,000 revolving line which was scheduled to mature in October 2013.

The bank also extended the maturity date of the Company’s existing $500,000 revolving line of credit agreement to April 2013 from the original date of April 2012.

For more information on the Company’s products and services please visit: www.columbusjack.com, www.multipress.com, and www.regentgse.com.