uri_nlp_ner_workshop/data/test_txt/10509.txt

exhibit 
new enterprise stone & lime co . , inc . announces closing of ${num} million term loan facility and amendment of ${num} million revolving credit facility 
new enterprise , pa — july 8 , {num}— new enterprise stone & lime co . , inc . is pleased to announce that it has entered into a new ${num} million secured term loan facility ( " new term loan " ) with a group of private lenders . the new term loan will be used to repay in full its existing {num}% secured notes and ${num} million term loan . in connection with the incurrence of the new term loan and the repayment of related existing debt , the company has entered into an amendment and restatement ( " abl amendment " ) of the terms of its existing ${num} million asset-based revolving credit facility ( " abl facility " ) . 
the new term loan has a stated maturity of 5 years , providing stability to the company's capital structure . the new term loan is priced at libor plus {num}% ( with a {num}% libor floor ) . this pricing will result in a significant reduction in annual interest expense . 
additionally , the abl amendment decreases the interest rate margin on the revolving loans under the abl facility by {num}% . the abl amendment also removes certain restrictive financial covenants , including a ${num} million availability block , and reduces certain operational and financial reporting requirements . while the total abl facility remains at ${num} million , the abl amendment allows for the issuance of an additional ${num} million of letters of credit . 
furthermore , both the new term loan and the abl amendment provide increased flexibility in refinancing the company's remaining debt . 
the company's president and chief executive officer , paul detwiler iii , commented on the new term loan and abl amendment , saying , " we believe our ability to complete this financing in a difficult capital markets environment demonstrates investors' recognition of the steady improvement in our financial performance and expectations for continued progress . the refinancing is an important step in enhancing our capital structure by extending maturity and lowering cost . " 
the credit agreements and documents related to the new term loan and the abl amendment have been included as exhibits to a form 8-k that the company filed with the securities and exchange commission today . 
this press release is not an offer to purchase or a solicitation of an offer to redeem the company's senior secured notes . the redemption of the senior secured notes will be made only pursuant to the terms set forth in the applicable notice of redemption , which will be delivered to the registered holders of the senior secured notes . 
about new enterprise stone & lime co . , inc . 
new enterprise stone & lime co . , inc . is a leading , privately-held , vertically-integrated construction materials supplier and heavy / highway construction contractor in pennsylvania and western new york and a national traffic safety services and equipment provider . our core businesses include : ( i ) construction materials ( ii ) heavy / highway construction and ( iii ) traffic safety services and equipment . for more information , please visit the company's website at www . nesl . com . 
forward-looking statements 
statements included herein may constitute forward looking statements , including statements relating to the new credit facility . these statements are not guarantees of future performance or results and involve a number of risks and uncertainties . actual results may differ materially from those in the forward-looking statements as a result of a number of factors , including those described from time to time in the company's reports filed with the securities and exchange commission . the company undertakes no duty to update any forward looking statements 
made herein . 
for more information , please contact : 
at gregory fca , the company's investor relations contact : joe hassett {num}-{num}-{num} 
source : new enterprise stone & lime co . , inc .