Home    Resource Store    Past Issues    Buyers' Guide    Career Center    Subscriptions    Advertising    E-Newsletter    Contact

http://www.textileservicesonline.com
http://www.expoproduccion.mx/Content/Exhibitors/24/
http://ahweb.adsale.com.hk/t.aspx?unt=2396-ZhejiangTex14_TextileWorld
http://ahweb.adsale.com.hk/t.aspx?unt=2354-STX15_TextileWorld
http://www.schlafhorst.saurer.com
http://www.textileworld.com/careers/index.html
http://www.textileworld.com/forms/mediakit.html
http://www.textileworld.com/Store/Books/diccionario-textil.html
September/October 2014 Sept/Oct 2014

View Issue  |

Subscribe Now  |

Events

Interior Lifestyle China
09/18/2014 - 09/20/2014

ISS Fort Worth '14
09/18/2014 - 09/20/2014

10th International Conference on Geosynthetics
09/21/2014 - 09/25/2014
01/31/2014 - 01/31/2014

- more events -

- submit your event -

Printer Friendly
Full Site
Textile News

Burlington Completes Refinancing Of Credit Facility

GREENSBORO, N.C., Dec. 6 /PRNewswire/ -- Burlington Industries, Inc.(NYSE: BUR) announced today that it has entered into an amended and restatedbank credit facility with its existing lenders which extends the maturity ofthe facility for up to two and one-half years. The facility provides forrevolving and overnight loans and letters of credit aggregating $600 million.Under the amended facility, the company has unused capacity of $175 million asof this date.Loans under the amended facility will bear interest at LIBOR plus 3.25% orthe prime rate plus 2.25%. Unused portions of the total commitment bear acommitment fee of 0.50%. Loans are now secured by a first priority lien onsubstantially all of the company's U.S. assets (excluding receivables whichcontinue to secure a five year $225.0 million trade receivables financingagreement). The amended bank credit facility commitment reduces to $525.0million on September 30, 2001 and to $450.0 million on September 30, 2002.Financial and negative covenants in the amended facility are more restrictive. George W. Henderson, III, Chairman and Chief Executive Officer, said, "Weare pleased to have concluded these financial agreements. This creditfacility is visible evidence of the strong continuing support from ourlenders. The liquidity and financial flexibility provided by this financingwill enable us to move forward with confidence as we work to improveoperations and reduce debt." This press release contains statements that are forward-looking statementswithin the meaning of applicable federal securities laws and are based uponthe company's current expectations and assumptions, which are subject to anumber of risks and uncertainties that could cause actual results to differmaterially from those anticipated. Such risks and uncertainties include,among other things, global economic activity, the success of the company'soverall business strategy including successful implementation of the company'sfive-point plan, the company's relationships with its principal customers andsuppliers, the success of the company's expansion in other countries, thedemand for textile products, the cost and availability of raw materials andlabor, the company's ability to finance its capital expansion andmodernization programs, the level of the company's indebtedness, ability torefinance, and the exposure to interest rate fluctuations, governmentallegislation and regulatory changes, and the long-term implications of regionaltrade blocs and the effect of quota phase-out and lowering of tariffs underthe WTO trade regime and of the changes in U.S. apparel trade as a result ofrecently enacted Caribbean Basin and Sub-Saharan Africa trade legislation.SOURCE Burlington Industries, Inc.Web Site: http://www.burlington-ind.com

Copyright 2000 PR Newswire




Advertisement

http://www.staubli.us