JOY GLOBAL INC.
At the Company:
Donald C. Roof
Executive Vice President and
Chief Financial Officer and Treasurer
414-319-8517
At FRB | Weber Shandwick:
Georganne Palffy
Analyst Contact
312-640-6768
Milwaukee, WI – July 6, 2005 – Joy Global Inc. (NASDAQ: JOYG), a worldwide leader in high-productivity mining solutions, announced today that it has increased the size of its senior credit facility. All but one member of the company’s bank group led by Deutsche Bank elected to add to their commitments under the accordion provisions of the agreement, which expires in October 2008, thereby increasing the facility from $200 million to $275 million.
“We are pleased to announce our expanded credit facility,” stated John Hanson, chairman, president and CEO. “The larger facility enhances our liquidity and financial flexibility. In tandem with the recently completed repurchase of the company’s senior subordinated notes, planned $48 million pension pre-funding payment in July and announced $300 million stock buyback program, we are well positioned to continue execution of our overall capital plan. We are appreciative of the continued support and commitment of our bank group.”
About The Company
Joy Global Inc. is a worldwide leader in manufacturing, servicing and distributing equipment for surface mining through its P&H Mining Equipment division and underground mining through its Joy Mining Machinery division.
Forward Looking Statements
The forward-looking statements in this press release are based on our current expectations and are made only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect new information. We cannot assure you the projected results or events will be achieved. Because forward-looking statements involve risks and uncertainties, they are subject to change at any time. Such risks and uncertainties, many of which are beyond our control, include: the duration of the recovery of coal and copper commodity markets; the cyclical nature of our original equipment businesses and the high costs of our manufacturing operations that can result in the underabsorption of manufacturing expenses; increased costs and constraints on the supply of major purchased items such as steel can adversely affect profits and revenues; due to the large size and cost of our products, the timing of individual orders and shipments can cause fluctuations in our operating results; our significant international operations are subject to many uncertainties, and a reduction in international sales or unfavorable change in foreign exchange rates could affect our financial results; the highly competitive environment that we operate in means that the actions of our competitors can affect our financial performance; regulations affecting the mining industry or electric utilities may adversely impact demand for our products; our growth may be hindered if we are unable to hire or retain qualified employees; unexpected adverse results in litigation or arbitration may reduce our profits; and other risks, uncertainties and cautionary factors set forth in our public filings with the Securities and Exchange Commission.
