Daily News: May 21, 2014

BofA Completes Credit Facility Refi for Knoll

Knoll announced it has completed the refinancing of its existing $450 million credit facility with a new $500 million credit facility with Bank of America and other participating lenders. The new credit facility consists of a revolving loan commitment in the amount of $300 million and a term loan commitment in the amount of $200 million.

The company may use the new credit facility for general corporate purposes, including strategic acquisitions, stock buybacks and cash dividends. The credit facility also provides a mechanism for the company to increase the facility by $200 million if certain terms and conditions are met. The credit facility matures in five years.

Transaction fees for this new credit facility will be approximately $2 million and the company will write-off, in the second quarter of 2014, approximately $400,000 of costs associated with the prior facility.

East Greenville, PA-based Knoll is a manufacturer of furniture, textile, leather and assessor brands that meets the requirements of high performance offices and luxury interiors.