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Quaker obtains preliminary refinancing agreement

Fall River, Mass. – Woven upholstery and jacquard supplier Quaker Fabric has reached preliminary agreement on terms of a refinancing transaction for approximately $50.0 million of senior secured financing, the company said.

The current senior secured credit facility with Bank of America will be amended to provide Quaker with a $25 million revolving credit facility, and fulfill current term loan obligations. The agreement also provides two senior secured term loans of up to $12.5 million each from GB Merchant Partners, an affiliate of liquidator firm Gordon Brothers.

Both the Bank of America and GB Merchant Partners transactions are planned to run through May 17, 2010.

Quaker president and ceo Larry Liebenow said, “"This represents an important milestone in our efforts to put new financing arrangements in place consistent with Quaker's strategic objectives and current operating and working capital needs.”

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