Alliance One International, Inc. News
Alliance One International, Inc. Announces Securitization Upsizing to $100 Million
MORRISVILLE, N.C., April 1, 2008 PRNewswire-FirstCall — Alliance One International, Inc. (NYSE: AOI) announced that on March 31, 2008, Alliance One International AG ("AOI AG"), a wholly-owned subsidiary of AOI, amended the agreements governing its trade accounts receivables securitization facility. Under that facility, AOI AG sells, from time to time on a non-recourse basis, certain trade receivables from customers to a third party buyer affiliated with Finacity Corporation, who obtains funding from a Norddeutsche Landesbank Girozentrale-sponsored commercial paper conduit loan. AOI AG initially entered into the securitization facility in 2006. The March 2008 amendments to the facility increase the loan commitment from the bank-sponsored commercial paper conduit to $100 million from $55 million, extend the maturity of the facility 3.5 years through March 2013 and improve pricing.
In making the announcement, Pete Harrison, the Company's Chief Executive Officer, stated, "We are very pleased with the upsize of the program, which is in line with AOI's strategic initiatives. This transaction puts to use meaningful AOI assets, further de-leverages our balance sheet, improves liquidity, and enhances our financial flexibility."
Alliance One International is a leading independent leaf tobacco merchant serving the world's large multinational cigarette manufacturers. For more information on Alliance One, visit the Company's website at www.aointl.com.
SOURCE Alliance One International, Inc.
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