Union, N.J. – Mattress Tub & Past Inc.’s newly amended asset-based revolving credit score facility (ABL facility) will increase its capability from $850 million to $1 billion.
The ABL facility additionally gives from favorable borrowing phrases and monetary covenants, the corporate introduced. As well as, the amended settlement extends the unique expiration date of 2023 to 2026.
The modification displays an improved value construction on the firm, in response to Gustavo Arnal, govt VP and CFO at Mattress Tub & Past.
“We’re happy to have secured a bigger and extra advantageous facility primarily based on the continued progress of our transformation. Whereas our liquidity has remained sturdy all through the previous yr, we respect the elevated assist from our banking companions,” he mentioned.
The ABL facility is secured on a primary precedence foundation on all accounts receivable – together with bank card receivables –in addition to stock, sure deposit accounts and securities accounts, and sure associated property of Mattress Tub & Past and its subsidiaries which can be debtors or guarantors underneath the ability.
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