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Foamex plans payment of first lien term loan
24 Dec '07
1 min read
Foamex International Inc, a leading manufacturer of flexible polyurethane and advanced polymer foam products announced that, prior to its fiscal year-end of December 30, 2007, the Company will make a payment of $40 million towards its first lien term loan.
After applying this payment, the Company's total debt, as of December 30, 2007, is anticipated to be approximately $531 million. A portion of the payment will include approximately $18 million of net cash proceeds from the sale of the Company's former ownership interest in Foamex Asia Co. Ltd.
Commenting on the debt reduction, Jack Johnson, President and Chief Executive Officer of Foamex, said: “Deleveraging the balance sheet remains a top priority and I am pleased that we will significantly exceed our debt reduction target for 2007.”
After applying this payment, the Company's total debt, as of December 30, 2007, is anticipated to be approximately $531 million. A portion of the payment will include approximately $18 million of net cash proceeds from the sale of the Company's former ownership interest in Foamex Asia Co. Ltd.
Commenting on the debt reduction, Jack Johnson, President and Chief Executive Officer of Foamex, said: “Deleveraging the balance sheet remains a top priority and I am pleased that we will significantly exceed our debt reduction target for 2007.”
Foamex International Inc
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