Collins & Aikman Floorcoverings gets $80 million revolver

By Sara Rosenberg

New York, Jan. 25 - Collins & Aikman Floorcoverings, Inc. closed on a new $80 million five-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Bank of America acted as lead arrangers and bookrunner on the deal, which was completed on Jan. 18.

Initial pricing on the deal is set at Libor plus 150 basis points, but pricing can range from Libor plus 100 to 175 bps, depending on the company's fixed-charge coverage ratio.

The facility is divided between a U.S. revolver and a Canadian revolver.

Proceeds are available for the refinancing of the company's existing credit facility, ongoing working capital needs and the payment of a dividend to the company's sole stockholder, Tandus Group, Inc.

Collins & Aikman Floorcoverings is a Dalton, Ga., manufacturer of floorcovering products for the commercial carpet market.

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