Foamex to use net proceeds of $9.7 mn for carpet cushion facilities
05 Nov '07
1 min read
Foamex International Inc a leading manufacturer of flexible polyurethane and advanced polymer foam products announced that it will use net proceeds of approximately $9.7 million from the previously announced sale of its stand-alone carpet cushion facilities towards a repayment of its first lien term loan.
The net proceeds amount differs slightly from the anticipated amount of approximately $10 million due to a post-closing inventory adjustment.
Commenting on the debt reduction, Jack Johnson, President and Chief Executive Officer of Foamex, said: “We continue to focus on deleveraging the balance sheet and I remain confident that we are on track to meet or exceed our goal of having less than $560 million of net debt by year-end.”
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