By Furniture Today Staff -- Furniture Today, July 8, 2007
St. Louis —
Furniture Brands International has obtained a $600 million revolving credit facility and has received a waiver on compliance with financial covenants on other debt, the manufacturer and importer said in a regulatory filing last week.
Furniture Brands said it entered into a commitment letter with J.P. Morgan Securities and J.P. Morgan Chase Bank for the new revolving credit facility. It will be used in part to refinance the company's existing revolving credit facility.
As a condition of obtaining relief from covenants on other debt, the company said it will pay an estimated $164.7 million in principal and accrued interest on certain notes.
The company had faced a June 30 deadline for compliance with the debt covenants, which required certain ratios of earnings to debt. It obtained a waiver on certain provisions until Aug. 15.
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Here is a sampling of some of the stylish new products catching dealers' eyes at the October High Point Market. For more coverage, see Furniture/Today's Nov. 2 print issue. When you're done viewing the photos in this Slideshow, more images of hot introductions also are available on the Furniture/Today Web site by clicking here.
The High Point Market is marking its 100th anniversary this April.
To help celebrate this milestone, Furniture/Today presents some pictorial
highlights of the past 100 years.
