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Ex-Im Bank Raises Malden Mills Loan Commitment To 35 Million

The Board of Directors of the Export-Import Bank of the United States (Ex-Im Bank), Washington, has increased its preliminary loan guarantee commitment to Lawrence, Mass.-based Malden Mills Industries Inc. from $20 million to $35 million. The working capital loan will support export sales of Malden Mills Polartec® and other specialty fabrics to France, Korea and the United Kingdom.

"By increasing the amount of the Banks preliminary commitment to Malden Mills, Ex-Im Bank has taken a strong stand in support of an important US exporter and its workers," said Philip Merrill, president and chairman, Ex-Im Bank. He said the bank's preliminary commitment is the largest to date from the company's lenders.

Final commitment by the bank is contingent upon Malden Mills' finalization of its financing package and application.

Exports represent close to half of Malden Mills annual turnover, according to the company.

"Malden Mills is interested in continuing to grow our exports," said David Costello, business manager, Malden Mills. "We are in the position of being able to manufacture unique products that are not commodities, and that offer quality and performance plus Polartec's reputation as an ingredient brand that helps end-use manufacturers have a competitive edge. "

February 2004