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Knoll completes $450 million amended and restated credit facility
By Sara Rosenberg
New York, Feb. 7 - Knoll Inc. closed on a $450 million amended and restated five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
Bank of America Merrill Lynch and J.P. Morgan Securities LLC acted as the joint lead arrangers and bookrunners on the deal that was completed on Feb. 3, with Bank of America as the administrative agent.
Initial pricing on the revolver is Libor plus 175 basis points with a 25 bps unused fee. The spread can range from Libor plus 125 bps to 225 bps, and the unused fee can range from 20 bps to 37.5 bps, based on leverage.
There is a $200 million accordion feature.
Covenants include minimum interest coverage and maximum net leverage ratios.
At close, there was about $260 million drawn under the facility.
Knoll is an East Greenville, Pa.-based designer and manufacturer of furnishings and accessories, textiles, and fine leathers for the workplaces and homes.
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