Ethan Allen draws down $80 million under revolver

By Wendy Van Sickle

Columbus, Ohio, March 24 – Ethan Allen Interiors Inc. provided notice on Monday to the administrative agent of its $165 million revolving credit facility to borrow $80 million under the facility, according to an 8-K filing with the Securities and Exchange Commission.

The borrowings bear interest at Libor plus 150 basis points.

The revolver matures on Dec. 21, 2023.

The company said it currently has available cash on its balance sheet and no outstanding debt, but elected to draw on the facility to increase its cash position as a precautionary measure and to maximize financial flexibility in light of the uncertainty surrounding the impact of Covid-19.

Ethan Allen is a Danbury, Conn.-based interior design company and manufacturer and retailer of quality home furnishings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.