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R L Stowe Mills Receives 21 Million Loan From Bank Of America Business Capital

R.L. Stowe Mills Inc., a Belmont, N.C.-based manufacturer of cotton and cotton/man-made-blend yarn used primarily in apparel, home furnishings and automotive textiles has received a $21 million revolving credit facility from Glastonbury, Conn.-based Bank of America Business Capital. R.L. Stowe will use the asset-based loan to refinance existing debt and fund its working capital needs. The company also will receive cash management products and services from Bank of America Business Capital.

"This new financing provides us with the liquidity to complete our debt restructuring," said D. Harding Stowe, CEO and president, R.L. Stowe Mills. "We now have the financial flexibility to remain competitive during challenging times for the textile industry."

R.L. Stowe maintains production facilities in North Carolina and Tennessee. Its operations include spinning, twisting, dyeing and mercerizing.

June 2005