Fabric maker Quaker Corp concludes $70mn credit facility with Banc of America Securities LLC
19 May '05
2 min read
Leading woven upholstery fabrics manufacturer Quaker Fabric Corporation announced the closing of a five year, $70.0 million senior secured credit facility, with Banc of America Securities LLC acting as Lead Arranger and Bank of America, N.A., acting as Administrative Agent. Merrill Lynch Capital and Wells Fargo Foothill, LLC were participants in the credit facility.
"They are very pleased to have concluded this new financial facility with Bank of America and look forward to working with them and their two syndication partners going forward," commented Larry A. Liebenow, Quaker's President and CEO.
"This new five-year financing arrangement, which includes both a revolving credit facility and a term loan, is consistent with Quaker's current needs and is intended to provide us with the capital needed to pursue the execution of our corporate strategy over the next several years.
In addition, Quaker has repaid its outstanding indebtedness to the Prudential. They express our appreciation for the past support provided by the Middle Market Banking Group at Bank of America and to the Prudential Capital Group," added Paul J. Kelly, Quaker's Vice President and CFO.
"Quaker has a broad and aggressive strategy in place to both deal with current market dynamics and to significantly broaden our business base for the future. This financial structure is supportive of these exciting plans," continued Mr. Liebenow.
Quaker Fabric Corporation is a leadinging manufacturer of woven upholstery fabrics for furniture markets in the United States and abroad, and the largest producer of Jacquard upholstery fabric in the world.
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