Interface increases revolver, adds option for $200 million term loan

By Susanna Moon

Chicago, Oct. 7 – Interface, Inc. increased the aggregate borrowing limit for revolving loans under its credit facility to $250 million from $200 million and extended the maturity to Oct. 3, 2019.

The facility also now allows for new term loan A draws of up to $200 million for the repurchase or redemption of the company’s outstanding $247.5 million 7 5/8% senior notes due 2018 by Dec. 31.

The company amended its syndicated facility agreement on Friday with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the syndication agent. PNC Bank, NA, Regions Bank, Royal Bank of Scotland plc and SunTrust Bank are the co-documentation agents.

The company has the option to further increase the borrowing availability for revolving loans or term loans by up to $150 million, with lender commitments.

The amended facility also allows for corporate subsidiary reorganization activities.

The amendment provides for required amortization payments of any term loan A borrowing as well as mandatory prepayments of any term loan A borrowing and any term loans made available under any future multicurrency loan facility increase from asset sales, casualty events and debt issuances.

At closing, the company had $30 million of borrowings and $2.8 million of letters of credit outstanding under the facility.

Interface is an Atlanta-based modular carpet company.

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