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Ethan Allen Amends Revolving Credit Facility

  //house-home.news-articles.net/content/2011/03/2 .. than-allen-amends-revolving-credit-facility.html
  Published in House and Home on Friday, March 25th 2011 at 8:50 GMT by Market Wire
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DANBURY, Conn.--([ BUSINESS WIRE ])--Ethan Allen Interiors Inc. and its subsidiaries (collectively, "Ethan Allen" or the "Company") (NYSE:ETH) today announced it has amended its senior secured asset-based revolving credit facility (the aAmended Facilitya). Changes to the facility include:

"We are pleased to structure a facility that makes sense for our business"

• extended expiration by approximately four years to March 25, 2016, or June 26, 2015 if the Companya™s 5.375% long term bonds have not been refinanced,
• reduced the costs of the facility, and
• revised the borrowing capacity to up to $50 million with expansion potential to raise the total capacity to up to $100 million.

aWe are pleased to structure a facility that makes sense for our business,a commented Farooq Kathwari, Chairman and CEO. aNot only will this modification reduce the carrying costs of the facility, the opportunity for expansion to $100 million provides flexibility for future business opportunities.a

TheAmended Facility is provided by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association. The security supporting the Amended Facility continues to exclude the Companya™s real property but includes the Companya™s other assets in the United States.

About Ethan Allen

Ethan Allen Interiors Inc. is a leading interior design company and manufacturer and retailer of quality home furnishings. The Company offers free interior design service to its clients and sells a full range of furniture products and decorative accessories through [ ethanallen.com ] and a network of approximately 280 Design Centers in the United States and abroad. Ethan Allen owns and operates seven manufacturing facilities in North America, including five manufacturing plants and one sawmill in the United States and one manufacturing plant in Mexico. Approximately seventy-five percent of its products are made in its United States plants. For more information on Ethan Allena™s products and services, visit [ ethanallen.com ].