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Intermagnetics Expands Bank Credit Facility to $200 Million, Extends Share Buyback Program to 2.5 Million Shares
Latham, N.Y., Sept 6: Intermagnetics General Corporation (NASDAQ:IMGC) announced today that it has increased its existing syndicated credit facility from $130 million to $200 million with expanded commitments from Wachovia Bank as principal agent, JP Morgan Chase, KeyBank and Comerica. The company also announced that its Board of Directors has authorized the resumption of a previously approved stock buyback program and has expanded it to repurchase up to a total of 2.5 million shares of common stock. The company will seek to utilize this authorization over the next two years.
Intermagnetics Chairman and CEO Glenn H. Epstein said, "This expanded line of credit provides a highly cost-effective source of capital to pursue a broad range of investment alternatives for the company, including additional acquisitions. The reactivation of our share buyback program clearly demonstrates the Board's commitment to our ongoing strategy to pursue all logical and direct avenues to create incremental value for our shareholders."
Intermagnetics draws on the financial strength, operational excellence and technical leadership in the market of Magnetic Resonance Imaging (MRI), as well as its expanding businesses within Medical Devices that encompass Invivo Diagnostic Imaging (focusing on MRI components & imaging sub-systems) and Invivo Patient Care (focusing on monitoring & other patient care devices). Intermagnetics is also a prominent participant in superconducting applications for Energy Technology. The company has a more than 30-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems & components and other specialized high-value added devices.
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