Interface Europe gets €32 million amended, restated credit facility

By Sara Rosenberg

New York, April 29 - Interface Europe BV closed on an amended and restated credit facility that has an initial size of €32 million, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

At Oct. 1, the facility will reduce to €26 million, then to €20 million at Oct. 1, 2010, €14 million at Oct. 1, 2011 and €8 million at Oct. 1, 2012.

ABN Amro is the lead bank on the deal that was completed on April 24.

Pricing on the facility is ABN Amro's Euro base rate plus 100 basis points, which base rate is subject to a 3.5% floor.

There is a 50 bps facility fee.

Financial covenants include a minimum interest coverage ratio, total debt/EBITDA ratio and tangible net worth/total assets.

Proceeds are available for general working capital needs and for paying dividends.

Interface Europe is the European subsidiary of Interface Inc., an Atlanta-based designer, producer and seller of modular carpet.

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