TAMPA , Fla., June 29 /PRNewswire/ -- Global Imaging Systems, Inc. (Nasdaq: GISX) today completed its previously announced plan to recast the company's senior credit facility.

Executive Vice President and CFO Ray Schilling said, 'Global has closed on a new senior credit facility, which ...

    * provides us with enhanced strategic flexibility,
    * permits us to execute substantial share repurchases,
    * permits us to pay cash dividends, if appropriate,
    * extends the maturity of our debt from 2009 to 2011, and
    * lowers the overall cost of our debt.'

Mr. Schilling said the new facility includes a $150 million term loan and a $200 million revolving loan. At fiscal year-end March 31, 2006 , the company had $205.3 million in term loans outstanding plus $69.5 million available in an unused revolving loan. The amended credit facility reduces the interest rate spread from 1.5% over LIBOR to 1.25% over LIBOR.

He added, 'The facility's more flexible terms allow the company to proceed with our Board of Directors' previously authorized and announced common stock repurchase program of up to $150 million over the next three years, and to initiate cash dividends if desired.' The company has repurchased shares on three previous occasions, the most recent being a $20 million program completed in May 2005 , but has not paid cash dividends.

'Our borrowing capacity has grown steadily,' Mr. Schilling said, 'and our history of strong cash flows from operations puts us in the position to further strengthen our capital structure. During our previous fiscal year, we funded six acquisitions out of cash flow and reduced our debt to 37.3 percent of total capital.'

About Global Imaging Systems

Global Imaging Systems offers thousands of middle-market customers a one- stop solution for office technology needs in 32 states and the District of Columbia. The company provides a broad line of office technology solutions including the sale and service of copiers and other automated office equipment, network integration services, and electronic presentation systems. The company is also a disciplined, profitable consolidator in the highly fragmented office technology solutions industry.

This news release contains forward-looking statements and statements based on forward-looking information, including statements relating to Global's expected future acquisitions, future revenue growth and future diluted earnings per share. These statements include the words 'expect,' 'believe,' 'should,' variations of such words, 'we are optimistic' and similar expressions, which are intended to identify such forward-looking statements. These statements are based on numerous assumptions and are subject to uncertainties and risks. Actual results could differ materially. Factors that might cause Global's results to differ materially include risks relating to changes in the overall economy; rising interest rates; Global's debt and debt service obligations; the challenge of integrating acquired businesses; the need for funding acquisitions; Global's ability to close acquisitions in a timely and cost-effective manner; the need for skilled employees; rapid technological change in Global's industry; dependence on suppliers; and high levels of competition. Most of these risks are discussed in more detail under the caption 'Risk Factors' in Global's annual report on Form 10-K for the year ended March 31, 2006 .

SOURCE Global Imaging Systems, Inc.;