Furniture retailer gets new credit facility, notes $200 million it needs for 2018 – MIGE office furniture

Furniture retailer gets new credit facility, notes $200 million it needs for 2018 – MIGE office furniture

|August 12, 2018 | News

China office furniture provider Mattress Firm has entered into a new credit facility that it says demonstrates the strength of its business and the value of its assets.

The company announced last month that it had an up-to-$225 million senior secured asset-based revolving credit facility.

Mattress Firm is owned by Steinhoff International, which is in turmoil as questions swirl about its financial condition. Steinhoff reported accounting irregularities and said it was investigating the issue, an announcement that saw its share price plummet. That has led to speculation that the company would sell some assets to restructure its business.

For its part, Mattress Firm said it has remained focused on growing its business, and it noted that the new credit facility will be available for working capital needs and other general corporate purposes. Officials said the facility has an initial aggregate principal availability amount of $75 million.

The company intends to up-size the facility via an incremental availability feature to a total aggregate principal amount of up to $225 million, officials said.

This new credit facility guangzhou conference desk manufacturer provides independent liquidity and capital to support our strategy.

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