Daily News: October 22, 2014

J.P. Morgan, Capital One Arrange Ethan Allen Revolver

Ethan Allen Interiors announced it amended and restated its revolving credit facility. The new credit facility provides up to $150 million in borrowing availability made up of a $100 million revolving credit line and $50 million in term loan availability.

The new revolving credit facility is provided by a syndicate of two banks and was arranged by J.P. Morgan Securities and Capital One as joint lead arrangers.

The new facility matures October 21, 2019 and replaces an existing $50 million revolving credit facility. The company intends to use the proceeds of the new facility for working capital and general corporate purposes and to refinance our senior notes, which are due October 1, 2015.

“We are pleased to announce the completion of the new credit facility with substantial reductions in borrowing costs and increased borrowing availability,” commented Farooq Kathwari, Ethan Allen’s Chairman and CEO. “We are also pleased to partner with such strong and supportive banks in this process.”

Ethan Allen Interiors is an interior design company and manufacturer and retailer of quality home furnishings.