Brown Jordan gets consents to pay noteholders

By Jeff Pines

Washington, March 18 - Brown Jordan International, Inc. said it received the consents it needed to amend the indenture for its 12¾% senior subordinated notes due 2007 so it could pay note holders the $6.7 million in interest it missed on Feb. 17.

The financing for the payment will come from Trivest Fund III, LP, one of the company's equity sponsors.

In addition, Brown Jordan and its senior bank group have reached an agreement in principle to extend the company's forbearance agreement.

Brown Jordan also said it penned an agreement letter with an unnamed financial institution for a revolving line of credit, and has a commitment letter from an investment firm for a term loan. The proceeds will be used to refinance the company's senior secured credit facility.

It expects to close the transactions within 30 days.

As of Dec. 31, the company had $32.65 million drawn on its revolver, a $144.44 million term loan, $102.7 million outstanding of 12¾% senior subordinated notes due 2007 and $3.25 million of industrial development bonds.

Pompano Beach Fla.-based Brown Jordan designs, manufactures and markets casual, contract and hospitality and ready-to-assemble furniture.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.