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[DANKA LOGO] EXHIBIT 99.1
For Immediate Release Sanjay Sood
(727) 578-4669
Paul G. Dumond
011-44-207-603-1515
DANKA ANNOUNCES AMENDMENT
TO CREDIT AGREEMENT AND LOAN REPAYMENT
ST. PETERSBURG, FL (January 3, 2001) -- Danka Business Systems, PLC (NASDAQ:
DANKY) announced today that it has obtained an amendment to its Senior Credit
Facility for the period December 31, 2000 through March 28, 2001. This Amendment
modifies the financial covenants under the Company's Credit Agreement with its
consortium of international bank lenders, which expires March 31, 2002. During
the period ending March 28, 2001, the Company may receive advances under the
Credit Agreement for its ordinary operational needs. Danka's Chief Executive
Officer, Michael Gifford, commented, "We are pleased that our bank lenders
continue to work with the Company while we implement various restructuring
initiatives. We will use this period of time to continue discussions with the
banks and Danka's other constituencies with a view to creating a long term
solution to the Company's financing needs."
The Company also said that it has made a $25 Million term loan payment in
advance of the required repayment date of January 2, 2001.
Danka Business Systems, PLC, headquartered in London, England, and St.
Petersburg, Florida, is one of the world's largest independent suppliers of
office imaging equipment and related services parts and supplies. Danka provides
office products and services from 30 countries around the world. For additional
information about copier, printer and other office imaging products from Danka,
visit the web site at: www.danka.com.
Certain statements contained in this press release, including statements related
to Danka's future business and financial performance, are forward-looking. Such
statements reflect the current views of Danka with respect to future events and
are subject to certain risks, uncertainties and assumptions that could cause
actual results of differ materially from those reflected in the forward-looking
statements. Readers are cautioned not to place undue reliance on these forward
looking statements, which reflect management's analysis only as of the date they
are made.
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11201 Danka Circle North 107 Hammersmith Road
St. Petersburg, FL 33716 London W14 0QH
