Knoll gets $500 million five-year facility via Bank of America

By Susanna Moon

Chicago, May 20 - Knoll, Inc. said it refinanced its loans with a new $500 million five-year credit facility with Bank of America NA.

The facility consists of a $300 million revolving loan commitment and a $200 million term loan commitment, according to a company press release.

The facility also provides an accordion that allows the company to increase the facility by $200 million.

The new agreement replaces the company's $450 million credit facility.

Proceeds will be used for general corporate purposes, including strategic acquisitions, stock buybacks and cash dividends.

"This new credit facility provides increased flexibility and will reduce our borrowing cost by 25 basis points," Craig B. Spray, the company's chief financial officer, said in the press release.

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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