American & Efird obtains $275 million finance package in two tranches

By Wendy Van Sickle

Columbus, Ohio, July 20 – American & Efird Global raised about $275 million of financing in two tranches under a recapitalization announced Monday in a news release from its controlling stockholder, KPS Capital Partners, LP.

The financing includes a $210 million term loan and a $65 million revolving credit facility.

Merrill Lynch, Pierce, Fenner & Smith Inc. was joint left lead arranger and bookrunner, and HSBC Bank USA, NA, J.P. Morgan Securities LLC and PNC Capital Markets LLC were the joint right lead arrangers and joint bookrunners.

Proceeds of the recapitalization will be used to refinance outstanding debt, to fund an $80 million cash distribution to stockholders and to support the company’s continued growth, according to the release.

American & Efird is a Mt. Holly, N.C.-based manufacturer and distributor of industrial and consumer sewing thread, embroidery thread and technical textiles.

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