Gibson Brands on track to refinance bonds, eyes replacement facility

By Marisa Wong

Morgantown, W.Va., Feb. 15 – Gibson Brands, Inc. announced it is refinancing its bonds.

In a press release on Thursday, the company said it has met all current obligations to the bondholders, is in the process of arranging a new credit facility to replace the bonds and fully expects the bonds to be refinanced in the ordinary course of business.

Gibson chairman and chief executive officer Henry Juszkiewicz said the company has been working with Jefferies in a process to manage the refinancing process.

Juszkiewicz said the company is finishing a thorough strategic and budget planning process to identify those areas where it can maximize its investments and pare back areas where investments have not been performing to expectation.

Gibson expects this strategy will lead to the best financial results the company has seen in its history within the next year and an ability to pay back the company’s debt in whole within several years.

Juszkiewicz said the company is working hard to improve results to ensure the refinancing is completed with best pricing and terms.

Based in Nashville, Gibson Brands is a musical instruments and consumer and professional audio company.

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