Unifi amends credit facility to reload term loan, improve flexibility

By Jennifer Chiou

New York, June 26 - Unifi, Inc. entered into an amendment to its $ $150 million senior secured credit facility with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The filing stated that the primary purposes of the amendment are to increase the company's liquidity through reloading the term loan back to $50 million and improve Unifi's flexibility to execute its previously announced business strategies by eliminating share repurchases from the fixed-charge coverage ratio calculation.

The amendment also sets the interest rates on the term loan at Libor plus 225 basis points, reduces the letter-of-credit sublimit to $10 million and revises the definition of fixed charges in the credit agreement.

Unifi is a Greensboro, N.C.-based producer and processor of multi-filament polyester and nylon textured yarns and related raw materials.

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