STRATEGIC PARTNERS
May 24, 2000
PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM) has completed two financing facilities that will enable the company to continue the rapid deployment of its SmartATM network, both domestically and internationally. TRM obtained a $30 million line of credit through Bank of America to acquire ATMs and copiers, and to fund other segments of its business. Separately, TRM established a $30 million commercial paper conduit facility to provide vault cash to its SmartATM network. The $30 million line of credit was put together by Bank of America's commercial banking office in Portland. "Bank of America is uniquely positioned to support a Portland-based company looking to expand nationally and internationally," said Larry Ogg, Bank of America president for Oregon and Southwest Washington. In a separately negotiated deal, TRM established a commercial paper conduit program that allows the company to fund its ATM vault cash with an off balance sheet facility funded through the cost-effective commercial paper market. TRM was assisted by McDonald Investment Inc., a subsidiary of KeyCorp in structuring this program. The lender is an affiliate of DG BANK DEUTSCHE GENOSSENSCHAFTSBANK AG. "We expect to be able to scale this facility up to the $75 million level as expansion of our ATM network continues. In conjunction with the Bank of America credit facility, we are well positioned to continue our business expansion both in the U.S. and the U.K.," said Daniel L. Spalding, TRM's vice president and CFO.
