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Dan River gets commitment for up to $200 million loan
By Sara Rosenberg
New York, March 17 - Dan River Inc. has received a commitment for a new senior secured credit facility of up to $200 million as part of the company's refinancing plan. The loan will consist of a five-year revolver and a five-year term loan.
The company is also offering $150 million of senior notes due 2009.
Proceeds from the facility and the notes will be used to repay all borrowings outstanding under the company's existing credit agreement, redeem all its outstanding 10 1/8% senior subordinated notes due 2003 and pay related fees and expenses.
Further details of the new deal were not available.
The company's existing 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.
Dan River is a Danville, Va. designer, manufacturer and marketer of products for the home fashions and apparel fabrics markets.
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