Dan River $200 million credit facility to launch March 25

By Sara Rosenberg

New York, March 18 - Dan River Inc. is scheduled to launch a $200 million asset-based senior secured credit facility on March 25, according to a syndicate source. Deutsche Bank is the sole agent on the deal.

The loan will consist of a five-year revolver and a five-year term loan.

Further details will be forthcoming closer to the time of the bank meeting, the syndicate source added.

Proceeds from the facility, combined with proceeds from a $150 million offering of senior notes due 2009, will be used to repay all borrowings outstanding under the company's existing credit agreement, redeem all of its outstanding 10 1/8% senior subordinated notes due 2003 and pay related fees and expenses.

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

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