Empire Investment Holdings Company Polyester Fibers Refinances with PNC
Miami, Florida, October 24, 2011 (Business Wire) - Empire Investment Holdings ("Empire"), a private investment firm focused on the acquisition and strategic management of non-core business units from public and private corporations, announced today that its portfolio company, Polyester Fibers ("Fibers") has closed on a new 3 year, $25,000,000 credit facility with PNC Bank, N.A.
Empire created Polyester Fibers, a diversified market leader in the non-woven industry, by integrating various business units acquired from both Leggett & Platt and Ahlstrom Corporation.
"We are pleased to have teamed up with PNC," said David F. Alfonso, Empire's chairman and chief executive officer. "Not only does the new credit facility provide greater liquidity and a simplified capital structure, it better positions our company Polyester Fibers for continued and sustainable growth."
"We are very pleased to provide the financing for Polyester Fibers and excited about establishing a new relationship with Empire Investment Holdings," said W. Craig Stillwagon, Executive Vice President, PNC Business Credit.
This new credit facility is comprised of a revolving credit line and senior term debt. In addition, this refinance lowers Fibers' interest expense, while extending its debt maturities. Empire engaged McDermott Will & Emory as its outside counsel for the refinance.
About Empire Investment Holdings
Empire Investment Holdings ("Empire") is a private investment firm focused on the acquisition and strategic management of non-core business units from public and private corporations. Today, Empire's portfolio is comprised of 6 operating companies, serving over 10,000 customers worldwide, with an international footprint of 22 facilities encompassing over one million square feet of space with over 1,000 employees. For additional information please visit www.empireih.com.
About Polyester Fibers
Polyester Fibers is the largest and most diverse manufacturer and distributor of value-added, high-loft nonwoven materials for the bedding, furniture, filtration, craft, industrial, automotive and seasonal markets in the United States. The company, comprised of 5 business units: Tupelo Fibers, Cameo Fibers, Mountain Mist, Cumulus Fibres and Buffalo Batt, serves thousands of customers in North America, Asia and Europe.
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