Insurance industry

Quaker Fabric Corporation Completes Financing Transactions

Strategic Insights

Dec 19, 1995 — 1 min read

Quaker Fabric Corporation, a leading manufacturer of woven upholstery fabrics, has completed two significant financing transactions that will enable the company to execute its aggressive strategic objectives. The transactions, totaling $80 million, include an unsecured senior debt transaction with The Prudential Insurance Company of America and an amendment to the company's revolving credit agreement with The First National Bank of Boston and Fleet National Bank. These deals will provide Quaker Fabric with the capital structure and financial resources needed to drive its growth and expand its market presence.

Key Takeaways:

Quaker Fabric Corporation completed two financing transactions, totaling $80 million, to support its strategic objectives.
The first transaction involved the issuance of $30 million of 6.81% senior notes maturing in 2002 to The Prudential Insurance Company of America.
The second transaction amended the company's $50 million revolving credit agreement with The First National Bank of Boston and Fleet National Bank, increasing Quaker's unused availability under the agreement.
Quaker Fabric's president and CEO, Larry Liebenow, expressed confidence in the company's financial position, citing the importance of these new financing arrangements.
Quaker Fabric is the second-largest producer of Jacquard upholstery fabric in the United States.
The company had net sales of $180.8 million and net income of $9.5 million in 1994.

Statistics:

$80 million: Total financing transactions completed by Quaker Fabric Corporation.
$30 million: Amount of 6.81% senior notes issued to The Prudential Insurance Company of America.
$50 million: Original revolving credit agreement with The First National Bank of Boston and Fleet National Bank.
$180.8 million: Net sales for the year ended December 31, 1994.
$9.5 million: Net income for the year ended December 31, 1994.
6.81%: Interest rate on Quaker Fabric's senior notes.
2002: Maturity date of Quaker Fabric's senior notes.

Sources:

/PRNewswire/
Quaker Fabric Corporation (Nasdaq: QFAB)

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