ATM Giant Gets Refinancing
PORTLAND, Ore. - (06/07/06) Financial ailing TRM Corp.,operator of the nations second-largest ATM fleet, announcedTuesday it has obtained refinancing for $105 million of principalindebtness and is no longer in forbearance on its loans. Therefinancing will save the company about $6.4 million in debtservice costs a year, said TRM. Specifically, the company's totalrequired annual debt service payments will decline to $9.8 millionfrom roughly $16.2 million, at current interest rates. TRM, whichoperates more than 18,000 ATMs in the U.S., has been strugglingwith debt service and restructuring costs ever since acquiringeFunds 14,200 ATMs in 2005. TRM reported $9 million inlosses for the fourth quarter of 2005 and $1.5 million for thefirst quarter of 2006. The company, which provides 6,500 co-brandedATMs for CO-OP Financial Services, was reported to be in mergerdiscussions with Cardtronics, operator of the nationslargest fleet of ATMs.