Unifi's Q3 net income surges to $7.5 million

27 Apr '12

4 min read

The Company expects to fund the redemption of the 2014 Notes using approximately $22 million of cash-on-hand and borrowings of $60 million under the new revolving credit facility, $50 million under the term loan component of the new senior secured credit facility and $30 million under the Term B loan.

"Thanks to all of the hard work over the last several years and the focus on deleveraging, we are excited about the redemption of the 2014 Notes and entry into our new debt structure," said Ron Smith, Chief Financial Officer of Unifi. "As a result of these transactions, we expect to save approximately $9 million annually in interest expense and have extended the maturity profile of our indebtedness to May 2017."

Jasper added, "In addition to the cash savings, we have created a capital structure that allows the Company significant flexibility in the development and execution of our strategic plans going forward. This new financing allows the Company to accelerate its deleveraging strategy and provides the flexibility to explore strategic initiatives designed to leverage the Company's core competencies, grow its defensible businesses and enhance shareholder value."

Unifi Inc

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