Collins & Aikman Floorcoverings gets facility commitment from Bank of America and Wachovia

By Sara Rosenberg

New York, April 12 - Collins & Aikman Floorcoverings Inc. received a commitment for a new credit facility from Bank of America and Wachovia Bank, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Proceeds will be used to redeem all of the company's 9¾% senior subordinated notes due 2010 and to repay a portion of its asset-based loan.

The commitment, which expires on June 30, is subject to, among other things, the company amending its ABL facility to reduce the size to a maximum of $60 million.

Collins & Aikman Floorcoverings is a Dalton, Ga., manufacturer of floor-covering products for the commercial carpet market.

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