Mohawk Industries gets $150 million incremental term loan due 2016

By Angela McDaniels

Tacoma, Wash., Jan. 20 - Mohawk Industries, Inc. amended its $900 million senior secured revolving credit facility due 2016 to provide a $150 million incremental term loan A-1 due July 8, 2016, according to an 8-K filing with the Securities and Exchange Commission.

The $150 million is in addition to the $900 million already available for borrowing under the revolver.

The term loan bears interest at Libor plus 125 basis points to 200 bps, the same as the revolver. Beginning June 30, the company must make eight quarterly principal payments of $1.88 million each on the term loan, followed by four quarterly principal payments of $3.75 million and then $5.63 million each quarter until maturity.

The company plans to use the proceeds to refinance existing debt.

Bank of America, NA is the administrative agent.

Mohawk Industries is a Calhoun, Ga.-based producer and seller of floor-covering products for residential and commercial applications.

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