Culp prepays large chunk of outstanding senior notes
By Furniture Today Staff -- Furniture Today, February 8, 2004
HIGH POINT — HIGH POINT — Fabric supplier Culp has prepaid $25 million of its $75 million in outstanding senior notes, strengthening its balance sheet and saving interest costs.
Although closing costs will result in a charge of $1.6 million in the fiscal third quarter, Rob Culp, chairman and CEO, said the company will save about $1.7 million a year in interest over the next two years.
He said the company has reduced its long-term debt by $86 million in the past three and a half years. After the prepayment, long-term debt stands at $51.1 million.
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