DDI Completes Refinancing

John Wolz

Distribution Dynamics Inc. announced it has recently completed refinancing and balance sheet restructuring.
DDI converted approximately $115 million of bank and institutional debt to $28 million of secured debt, with roughly $87 million of debt retired. \
To help the company operate, senior lenders approved $9 million in new credit as part of a three-year commitment.
CEO Andrew Barnett said DDI�s institutional lenders and investors similarly have supported the new management team as it revitalized and rebuilt the company�s operations.�
Barnett has been with the company since August 2001 and became CEO this January.
With the reorganization complete, Barnett said DDI can turn its attention to solidifying business relationships, growing the business and generating greater value to customers.
During the first half of the year DDI has exceeded its projections for sales, gross margin generation and operating cash flow, the company reported.
Eden Prairie, MN-based DDI manufactures bolts, screws, nuts and studs. The company distributes from 32 facilities in 16 states and Canada. Web: distributiondynamics.com �2002 FastenerNews.com