Albany International draws $50 million from existing credit facility

By Sarah Lizee

Olympia, Wash., April 6 – Albany International Corp. drew down $50 million on its existing credit facility recently to increase its cash position, according to a press release.

The draw was made out of an abundance of caution, the company said.

After accounting for the drawdown, as of March 27, the company had total cash and cash equivalents of over $220 million.

The company also continues to have access to almost $200 million of additional liquidity on its existing revolver.

Albany International said it believes that its current level of liquidity is more than sufficient to fund near-term operational needs amid the uncertain market environment.

The Albany, N.Y.-based company makes custom-designed fabrics and belts used in the production of paper and nonwovens and engineered composite parts for the aerospace industry.

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