Dan River looking to refinance loan and bonds

By Sara Rosenberg

New York, Feb. 4 - Dan River Inc. plans to refinance its existing credit facility and senior subordinated notes prior to their maturities in the third and fourth quarter of this year.

The company's revolver and term loan are due on Sept. 30, 2003. At the end of December, there was approximately $63 million outstanding under the revolver and approximately $56.9 million outstanding under the term loan, company officials said in a conference call on Tuesday. First Union National Bank is the administrative agent, Bank One is the syndication agent and Wachovia Bank is the documentation agent.

The company's $120 million of 10 1/8% senior subordinated notes are due on Dec. 15, 2003, according to a filing with the Securities and Exchange Commission.

"We are currently monitoring market conditions and intend to refinance our bank debt with a new credit facility and our senior subordinated notes with a new issue of notes when market conditions are favorable," said Joseph L. Lanier, Jr., chairman and chief executive officer, in a news release.

During fiscal 2002, the company was able to repay $73.4 million of debt since cash flow increased. Total debt at year-end was $252 million, down from $369 million two years ago.

Dan River is a Danville, Va. designer, manufacturer and marketer of products for the home fashions and apparel fabrics markets.

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