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Ethan Allen draws down $80 million under revolver
By Wendy Van Sickle
Columbus, Ohio, March 24 – Ethan Allen Interiors Inc. provided notice on Monday to the administrative agent of its $165 million revolving credit facility to borrow $80 million under the facility, according to an 8-K filing with the Securities and Exchange Commission.
The borrowings bear interest at Libor plus 150 basis points.
The revolver matures on Dec. 21, 2023.
The company said it currently has available cash on its balance sheet and no outstanding debt, but elected to draw on the facility to increase its cash position as a precautionary measure and to maximize financial flexibility in light of the uncertainty surrounding the impact of Covid-19.
Ethan Allen is a Danbury, Conn.-based interior design company and manufacturer and retailer of quality home furnishings.
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