Renfro targets launch of $235 million facility during Sept. 4 week

By Sara Rosenberg

New York, Aug. 25 - Renfro Corp. is targeting to hold a bank meeting late in the week of Sept. 4 to launch its proposed $235 million credit facility, according to a market source.

Bear Stearns is the lead bank on the deal.

The facility consists of a $75 million ABL revolver, a $115 million term loan B and a $45 million delayed-draw term loan, the source said.

Expected ratings on the deal are strong-Bs, the source added.

Proceeds will be used to help fund Kelso & Co.'s leveraged buyout of the company.

About $57 million in equity will be contributed towards the LBO.

Total leverage will be inside of 4 times.

Renfro is a Mt. Airy, N.C., manufacturer of socks for the Fruit of the Loom, Fit First, Vassarette, Ducks Unlimited and Odor-Eaters brands, among others.

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