Design Within Reach completed a loan agreement with the Retail Finance Division of Wells Fargo Capital Finance. The five-year, $22.5 million senior secured revolving credit facility replaces the current $17.5 million facility with Wells Fargo Capital Finance.
Borrowings under the facility are based on eligible inventory and accounts receivable, less certain reserves. The company plans to use funds from the credit facility to continue to finance its growth initiatives.
John McPhee, DWR’s COO, stated, “We are pleased with our ability to secure this new credit facility under favorable terms and believe it demonstrates the confidence DWR and our lenders have in the future of the Company.”
“We are pleased to have been able to continue our relationship with Design Within Reach through this new credit facility,” said Keith Vercauteren, division manager of the Retail Finance Division of Wells Fargo Capital Finance. “We look forward to working with the company and helping its management team achieve their strategic objectives.”
Stamford, CT-based Design Within Reach markets and sells furniture and accessories to both residential and trade customers.
Previously on abfjournal.com: