Knoll borrows another $65 million under $400 million revolver

By Rebecca Melvin

New York, March 31 – Knoll Inc. has borrowed $65 million under its revolving credit facility, lifting the amount drawn under the $400 million facility to about $300 million, according to an 8-K filing with the Securities and Exchange Commission and a company release.

The credit facility, which has been secured through August 2024, was entered into with Bank of America, NA, as administrative agent, swingline lender, and letter of credit issuer, with certain lenders and other parties, which governs the company's credit facility, consisting of the revolver, a U.S. term loan commitment, and a multicurrency term loan.

In addition, the company said it is endeavoring to operate in an evolving market environment due to the Covid-19 pandemic and is therefore withdrawing its full-year 2020 guidance provided on Feb. 18 and is not providing an update at this time.

It endeavors to operate where possible with scheduling appointments at select showrooms subject to local guidelines, for example, the company said.

As of March 31, the company expects to have about $120 million of cash on hand.

Based in East Greenville, Pa., the company makes home and workplace furnishings, accessories, textiles and leathers.

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