Rug maker gets secured credit
By Furniture Today Staff -- Furniture Today, June 24, 2002
ATLANTA — Carpet and rug maker The Dixie Group has arranged with Fleet Capital for $150 million in secured credit to refinance existing debt and provide working capital.
Dixie supplies higher-end residential and commercial customers with Masland Carpets and Fabrica International carpets and rugs. Mass-market brands include Bretlin, Globaltex and Alliance Mills. The factory-built housing and recreational vehicle market is served through Carriage Carpets. Dixie's Candlewick Yarns serves specialty carpet yarn customers.
"Completing this credit agreement, and the sale of our Calhoun (Ga.) facility, strengthens our balance sheet and improves our financial flexibility," said Daniel K. Frierson, chairman and chief executive officer of Dixie.
The credit arrangement consists of a $110 million revolving facility for five years and a $40 million term loan.
