OLATHE, Kan., May 4, 2015 /PRNewswire/ — Butler National Corporation (OTC Pink: BUKS), a leading manufacturer and provider of support systems for commercial and military aircraft and a recognized provider of management services in diverse business groups including the gaming industry, announces that its subsidiary, BHCMC, LLC, has completed a $5.5 Million debt refinancing transaction.
The Butler National subsidiary BHCMC, LLC manages the Boot Hill Casino & Resort. Butler National shares ownership of BHCMC with BHC Investment Company, LC, not related to Butler National. BHC Investment provided BHCMC with debt financing for the opening and the completion of the phase II expansion of the Boot Hill Casino & Resort. The refinancing paid off the BHC Investment debt, decreased the effective interest rate approximately ten points for a term of five years, paid refinancing expenses and provided additional working capital.
Mr. Clark Stewart, President and Chief Executive Officer of Butler National Corporation said, “We are pleased to complete the refinancing transaction and appreciate the cooperation of KS State Bank. This transaction should positively contribute to the continuing efforts to make BHCMC more efficient.”
Butler National Corporation operates in the Aerospace and Services business segments. The Aerospace segment focuses on the manufacturing of support systems for “Classic” commercial and military aircraft including the Butler National TSD for the Boeing 737 and 747 Classic aircraft, switching equipment for Boeing McDonnell Douglas Aircraft, weapon control systems for Boeing Helicopter and performance enhancement structural modifications for Learjet, Cessna, Dassault and Beechcraft business aircraft. Services include temporary employee services, gaming services and administrative management services.
Statements made in this report, filed with the Securities and Exchange Commission, communications to stockholders, press releases, and oral statements made by representatives of the Company that are not historical in nature, or that state the Company or management intentions, hopes, beliefs, expectations or predictions of the future, may constitute “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements can often be identified by the use of forward-looking terminology, such as “could,” “should,” “will,” “intended,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “plan,” “guidance” or “estimate” or the negative of these words, variations thereof or similar expressions. Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties, and assumptions. It is important to note that any such performance and actual results, financial condition or business, could differ materially from those expressed in such forward-looking statements. The forward looking statements in this report are only predictions and actual events or results may differ materially. These factors and risks include, but are not limited to the Cautionary Statements and Risk Factors, filed as Exhibit 99 and Section 1A to the Company’s Annual Report on Form 10-K, incorporated herein by reference. Investors are specifically referred to such Cautionary Statements and Risk Factors for discussion of factors, which could affect the Company’s operations, and forward-looking statements contained herein.