WestPoint secures major credit facility
Staff Staff -- Home Textiles Today, June 27, 2006
New York – WestPoint Home has gained stability and flexibility by obtaining a $250 million, five-year revolving credit line from Bank of America.
The fund is earmarked for "operations, capital expenditures, and future investment opportunities." Joseph Pennacchio, ceo, said, "This new facility enhances WestPoint Home’s ability to continue supporting our existing customer base and strengthens our ability to deliver on potential opportunities with new customers and in new markets."
WestPoint Home is an affiliate of a publicly held company, American Real Estate Partners, the Carl Icahn-controlled firm that acquired its assets in August 2005.
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