Furniture Brands International
FBN has successfully closed on a new five year secured credit facility
comprised of a new $200 million asset-based loan and a $50 million secured
term loan. These facilities repay the amounts outstanding under the existing
asset-based loan, and after associated closing costs, result in over $90
million of excess borrowing availability.
GE Capital, Bank of America, and Wells Fargo provided the majority of the
facility on a fully committed basis and will serve as Joint Lead Arrangers for
the $200 million facility. Additionally, this asset-based loan contains an
accordion provision that, subject to certain conditions, allows Furniture
Brands to expand the asset-based loan by up to $50 million. Pathlight Capital,
LLC, a portfolio company of Sycamore Partners, will serve as the
Administrative and Collateral Agent of the new $50 million secured term loan
and the Junior Capital Division of Wells Fargo Capital Finance, which is a
division of Wells Fargo, will act as the Documentation Agent. Both the
asset-based loan and the term loan have a maturity date of September 2017 and
do not have any principal amortization.
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