Furniture Brands International Announces New Credit Facility Comprised of a New $200 Million Asset-Based Loan and a $50 Million Term Loan

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