OMC(R) NEWS RELEASE
Outboard Marine Corporation
100 Sea Horse Dr.
Waukegan, IL 60085
Contact:
Gary Beckett
Director, Corporate Communications and Public Relations
(847) 689-7019;[email protected]
October 11, 2000
FOR IMMEDIATE RELEASE
OMC RECEIVES $45 MILLION IN INVESTOR SUPPORT
Waukegan, Illinois - Outboard Marine Corporation has completed an
amendment to the credit agreement with its senior lenders, which provides
additional liquidity to the company to fund ongoing operations.
Under the amendment, an additional $45 million in liquidity was
provided by OMC's principal investor, an investment affiliate of Soros Fund
Management. Also as part of the amendment, certain financial covenants were
eliminated from the agreement through December 2000. With this arrangement,
Soros Fund Management and Greenway Partners together have provided $165 million
in support of the Company in fiscal 2000.
The Company also announced that it had been informed by an investment
affiliate of Soros Fund Management and its other investors that from time to
time they may consider purchasing the Company's outstanding publicly traded
10-3/4 percent Senior Notes and its 9-1/8 percent sinking fund debentures
through market purchases and/or privately negotiated transactions if the price
of such securities is deemed to be advantageous.
Outboard Marine Corporation is a leading manufacturer and marketer of
internationally-known boat brands, including Chris-Craft(R), Four Winns(R),
Seaswirl(R), Javelin(R), Stratos(R), Lowe(R), Hydra-Sports(R), and
Princecraft(R); marine accessories and marine engines, under the brand names of
Johnson(R)and Evinrude(R); and Ficht Ram Injection(R) - the world's premier
low-emission two-stroke outboard engine technology.
Visit our web site at: www.omc.com.
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