Bombay Announces New $10 Million Term Loan
Furniture World Magazine
he Bombay Company, Inc. (NYSE:BBA) announced that it has entered into an agreement for a new $10 million, secured term loan facility with a fund managed by GB Merchant Partners, LLC. The facility is coterminous with the Company's existing $125 million secured revolving credit facility with GE Commercial Finance, Corporate Lending and was arranged by GE Capital Markets, Inc. as Sole Lead Arranger. The new facility will provide incremental liquidity to fund working capital requirements and other corporate needs.
David B. Stewart, Chief Executive Officer, indicated, "We are very pleased to have the new term loan agreement with GB Merchant Partners LLC in place. We expect that the facility will provide greater liquidity as we continue to execute our transformation plan."
The Company also noted that William Blair & Company, engaged by the Board of Directors, to investigate strategic alternatives, has received non binding offers to purchase the Company at prices that are premiums to yesterday's closing price. It should be emphasized that these offers are non binding and that they are subject to material conditions including substantial due diligence. While the Board is encouraged by these offers, there is no assurance that these offers will ultimately lead to a transaction. The Board does not intend to report on the progress until the appropriate time in the future.
About Bombay: The Bombay Company, Inc. designs, sources and markets a unique line of home accessories, wall decor and furniture through over 400 retail outlets, specialty catalogs and the Internet in the U.S. and internationally.