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Article: Ethan Allen Expands Revolving Credit Facility and Comments on Business.
- Article from:
- Real Estate Weekly News
- Article date:
- November 13, 2009
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Ethan Allen Interiors Inc. ("Ethan Allen" or the "Company") (NYSE:ETH) announced it has amended its existing three year senior secured revolving credit facility, increasing the line to $60 million by adding a $20 million commitment from Wells Fargo Retail Finance, LLC ("Wells Fargo") who is now part of the company's bank group.
The company currently has no plans to use the facility other than for its outstanding letters of credit (currently $12.5 million) primarily for workers compensation insurance purposes. 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 ...