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"Worldtex, Inc (NYSE: WTX) said that it had entered into a new $47.5m credit facility with Bank of America Commercial Finance - Business Credit. With current annual revenues of nearly $300m, Worldtex, Inc is a market leader in the covered elastic yarn and narrow elastic fabric markets throughout the Americas and Europe. Worldtex, Inc supplies a broad range of component products to the apparel, textile, home furnishings and specialty end-use markets.The facility provides for revolving credit of up to $40m, with loan availability determined under a &amp;quot;borrowing base&amp;quot; formula derived from Worldtex&amp;#39;s domestic accounts receivable and inventory as most recently calculated at the time of borrowing. In addition, the facility provides for a term loan of $7.5m, $3m of which has been borrowed and $4.5m is expected to be borrowed within 60 days upon the satisfaction of certain conditions. Worldtex has utilized approximately $20m of new borrowings under the facility to repay its existing domestic credit facility and to pay transaction expenses. Additional availability will be used for Worldtex&amp;#39;s working capital needs and general corporate business purposes.The company has also engaged the investment banking firm Houlihan Lokey Howard &amp;amp; Zukin Capital to study various strategic alternatives for the company."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.just-style.com/news/worldtex-obtains-new-credit-facility_id79447.aspx>