Wells Fargo Capital Finance Arranges $150MM for Unifi
Wells Fargo Capital Finance acted as sole lead arranger, bookrunner and administrative agent on a $150 million senior secured revolving credit facilities for Unifi. The credit facilities are comprised of a $100 million revolver and a $50 million term loan, and will be used to refinance its existing credit facility, as well as redeem existing senior notes, and fund working capital needs. Bank of America also participated.
Founded in 1969 and headquartered in Greensboro, NC, Unifi, Inc. is a publicly traded company that manufactures and distributes multi-filament polyester and nylon textured yarns. Unifi’s products are sold to other yarn manufacturers and knitters, and weavers that manufacture fabric for apparel, hosiery, home furnishings, industrials, automotive, and other end use products. There are about 2,700 total employees at Unifi with manufacturing and warehouse facilities in the U.S. and Latin America.
“We are excited about entry into this new credit facility, which provides us with the security and flexibility necessary to pursue our strategic plans, while extending the maturity profile of our debt structure through May 2017 and significantly reducing our cost of capital. We chose Wells Fargo Capital Finance to lead this bank group because of Wells Fargo’s financial strength and flexibility, which allowed us to develop a customized capital structure that meets our unique needs for today and the future,” said Bill Jasper, CEO at Unifi.
“We are delighted to be able to use leverage our strength and creativity and team up with companies like Unifi in order to meet their financing objectives,” said Rob Griffin, managing director at Wells Fargo Capital Finance. “We look forward to a long and beneficial relationship with the Unifi team.”