Brown Jordan International Announces Financing Transactions.Business Editors POMPANO BEACH Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Fla.--(BUSINESS WIRE)--March 18, 2004 Brown Jordan International, Inc. ("Company") announced today that it has obtained the requisite consent of the holders of senior subordinated notes to amend the senior subordinated indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. , enabling the Company to pay to note holders the unpaid interest payment previously due February 17, 2004. Trivest Fund III, L.P., one of the Company's equity sponsors, will provide financing for this payment to be made by the Company. The indenture amendment and the terms of the loan from Trivest Fund III, L.P. to fund the interest payment have been approved by the Company's board of directors. Further, the Company has reached an agreement in principle with its senior bank group to obtain an extension of the existing forbearance Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. agreement with respect to the Company's existing senior secured credit facility. As part of the extension of the forbearance agreement, the Company has obtained the bank group's consent to the indenture amendment described above and has reached an agreement in principle, subject to definitive documentation and internal approvals, on a proposed amendment to the senior secured credit facility. Additionally, the Company has entered into a proposal letter agreement with a financial institution for a revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. , and has received a commitment letter from an investment firm of recognized standing for a term loan, the proceeds of which would refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. , in its entirety, the Company's existing senior secured credit facility. The terms of the proposed financings, if consummated, will provide the Company with enhanced liquidity to fund its operations and growth initiatives as well as service its debt on a go forward basis without the need for additional funding from any other sources for the foreseeable future. While there can be no assurance, the Company expects the financings to close within the next 30 days. About Brown Jordan International Brown Jordan International, Inc., designs, manufactures and markets retail and contract furnishings under the brand names Brown Jordan, Tommy Bahama Tommy Bahama is a licensed line of clothing that markets high-end tropical-themed wear amongst other clothing and household goods. The company sells these products through its own chain of retail outlets in Canada and the United States, and through other retailers. , Pompeii, Winston, Vineyard, Molla, Tradewinds, Stuart Clark Stuart Rupert Clark (born 28 September 1975, Sutherland, New South Wales) is an Australian Test cricketer who plays for the New South Wales Blues and Hampshire. He bowls right-arm fast medium deliveries. , Werner Woods, Casual Living, Southern Wood Products, Loewenstein, Charter, Lodging by Charter, Woodsmiths, Wabash Valley The Wabash Valley is a region with parts in both Illinois and Indiana. It is named for the Wabash River and spans the middle to the middle-lower portion of the river and is centered at Terre Haute, Indiana. The term Wabash Valley is frequently used in local media. , Texacraft, and Tropic Craft. Brown Jordan International's corporate office is located in Pompano Beach, Florida Pompano Beach is a city in Broward County, Florida, along the coast of the Atlantic Ocean just to the north of Fort Lauderdale. The Nearby Hillsboro Inlet forms part of the Atlantic Intracoastal Waterway. As of 2006, the U.S. with offices and manufacturing facilities located both domestically and internationally. Brown Jordan International, Inc. is an affiliate of Trivest Partners, L.P., a private investment firm, which is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 115 acquisitions and recapitalizations, totaling approximately $2.0 billion in value. Trivest recently closed its third institutional investment fund, Trivest Fund III, L.P., with $316.1 million in total commitments. For more information, please visit http://www.trivest.com. |
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