Daily News: June 6, 2012

Propex Operating Completes $65 Million Facility With BofA

Mike Gorey, president and CEO of Propex Operating Company, LLC, announced that Propex has obtained a new $65 million credit facility from Bank of America in order to refinance existing debt and support the future growth of the company.

“This refinancing will lower our interest expense. We could not have accomplished this without all the hard work and dedication of our teammates to stabilize our business. We are now able to operate with lower debt levels to better position Propex for future growth,” said Gorey. “The combination of extremely low debt levels, great interest rates and our team’s desire to succeed are the building blocks for a bright future.”

Mike Gorey, who joined Propex in April of 2011, has been instrumental in accelerating Propex from a stability phase into a growth phase. As part of this transformation, Propex has announced new branding and its upcoming move to new headquarters in downtown Chattanooga.

Propex is a provider of an innovative portfolio of engineered products.