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Ethan Allen concludes new revolving credit facility
30 May '09
1 min read
Ethan Allen Interiors Inc announced it has entered into a new three year senior secured revolving credit facility. The new facility is initially set at $40 million with an accordion feature permitting increase to up to $60 million.
The Company currently has no plans to use the facility other than for its outstanding letters of credit (currently $12.5 million). The credit facility is provided by a syndicate led by JP Morgan Chase Bank, N.A. The facility is secured by the Company's domestic assets other than real estate and related fixed assets.
Farooq Kathwari, Chairman and CEO commented, "We are pleased that we have been able to maintain a strong cash position. While we expect that to continue, it is prudent for the Company to have a modest credit facility. We continue to have good liquidity from our business operations and have significant flexibility under this new facility, including no encumbrances on the more than $300 million of value in the real estate owned by the Company.”
The Company currently has no plans to use the facility other than for its outstanding letters of credit (currently $12.5 million). The credit facility is provided by a syndicate led by JP Morgan Chase Bank, N.A. The facility is secured by the Company's domestic assets other than real estate and related fixed assets.
Farooq Kathwari, Chairman and CEO commented, "We are pleased that we have been able to maintain a strong cash position. While we expect that to continue, it is prudent for the Company to have a modest credit facility. We continue to have good liquidity from our business operations and have significant flexibility under this new facility, including no encumbrances on the more than $300 million of value in the real estate owned by the Company.”
Ethan Allen Interiors Inc
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