Renfro sets Friday launch for $205 million credit facility via Bear Stearns, Wachovia

By Paul A. Harris

St. Louis, Sept. 5 - Renfro Corp. will hold a bank meeting on Friday to launch its proposed $205 million credit facility, according to an informed source.

The facility consists of a $145 million term loan B, of which $35 million will be put in place for delayed draw. Bear Stearns will lead the term loan.

The company will also put in place a $60 million asset-backed revolving credit facility to be led by Wachovia.

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

About $57 million in equity will be contributed toward 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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