Collins & Aikman Floorcoverings plans redemption of 9¾% notes

By Jennifer Chiou

New York, April 12 - Collins & Aikman Floorcoverings Inc. intends to redeem all of its 9¾% senior subordinated notes due 2010 using proceeds from a new credit facility from Bank of America and Wachovia Bank, according to an 8-K filing with the Securities and Exchange Commission.

Remaining proceeds will be used to repay a portion of the company's asset-based loan.

Collins & Aikman Floorcoverings is a Dalton, Ga., manufacturer of floor-covering products for the commercial carpet market.

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