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LADD COMPLETES NEW BANK FINANCING

 HIGH POINT, N.C., Jan. 20 /PRNewswire/ -- Richard R. Allen, chairman and chief executive officer of LADD Furniture, Inc. (NASDAQ-NMS: LADF), announced today that the corporation has completed a new $130 million bank financing agreement. Allen commented, "This new financing agreement reduces LADD's borrowing rate, increases the corporation's available debt capacity and provides the ability to fund future growth. At current debt levels, the new bank agreement reduces LADD's annual interest cost by over $1 million and provides almost $45 million of unused and available debt capacity."
 LADD senior vice president and chief financial officer William S. Creekmuir said the new credit facility, provided by a group of seven banks led by The Chase Manhattan Bank, N.A., consists of a $45 million, six-year term loan and an $85 million, three-year revolving credit facility with two one-year renewal options. "Reflecting LADD's increased financial strength," Creekmuir said, "the new credit facility is unsecured and provides our company with significant financial flexibility." Creekmuir noted that, under the terms of the agreement, no principal payments are due on the term loan until April 1994. He concluded, "We are pleased with the continued financial support of Chase Manhattan and the other members of our new bank group."
 Headquartered in High Point, NC, LADD is the fourth largest North American manufacturer of residential furniture and a leading supplier of contract furniture to the guest room, government and health care markets domestically and abroad. LADD sells its broad range of wood, upholstered and metal furniture products under the major brand names American Drew, American of Martinsville, Barclay, Brown Jordan, Clayton Marcus, Daystrom, Design Horizons, Fournier, Lea Industries and Pennsylvania House, and markets these products worldwide through LADD International. LADD also owns and operates two support companies, Lea Lumber & Plywood and LADD Transportation. LADD's stock is traded on the over-the-counter National Market System under the NASDAQ symbol LADF.
 -0- 1/20/93
 /CONTACT: John J. Ong of LADD Furniture, 919-888-6353/
 (LADF)


CO: LADD Furniture, Inc. ST: North Carolina IN: REA SU:

CM -- CH003 -- 6761 01/20/93 09:36 EST
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Publication:PR Newswire
Date:Jan 20, 1993
Words:343
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