ATLANTA, June 19 /PRNewswire-FirstCall/ --
Interface, Inc. (Nasdaq: IFSIA), a worldwide commercial interiors products and
services company, today announced the consummation of an amendment and
restatement of its revolving credit facility, effective June 18, 2003. The
amended and restated facility, like its predecessor, provides a borrowing
amount of up to $100 million, depending on the level of assets maintained in a
specified borrowing base. The facility matures on May 15, 2005, but may be
extended to October 1, 2007 if the Company meets certain conditions relating
to liquidity and the repayment of long-term debt.
"The amendment and restatement of our revolving credit facility provides
Interface with ample liquidity and financial flexibility, while also allowing
the Company to take advantage of opportunities for growth as they arise,"
stated Patrick C. Lynch, Chief Financial Officer. "The new terms of the
facility give Interface a strengthened capital structure and will fulfill our
working capital needs, ensuring a strong foundation for our operations going
forward."
Interface, Inc. is a recognized leader in the worldwide commercial
interiors market, offering floorcoverings, fabrics and interior architectural
products. The Company is committed to the goal of sustainability and doing
business in ways that minimize the impact on the environment while enhancing
shareholder value. The Company is the world's largest manufacturer of modular
carpet under the Interface, Heuga, Bentley and Prince Street brands, and
through its Bentley Mills and Prince Street brands, enjoys a leading position
in the high quality, designer-oriented segment of the broadloom carpet market.
The Company provides specialized carpet replacement, installation, maintenance
and reclamation services through its Re:Source Americas service network. The
Company is a leading producer of interior fabrics and upholstery products,
which it markets under the Guilford of Maine, Stevens Linen, Toltec, Intek,
Chatham, Camborne and Glenside brands. In addition, the Company provides
specialized fabric services through its TekSolutions business; produces
raised/access flooring systems under the TecCrete, TecFlor, TecSteel and
InterCell brands; and markets modular wiring systems under the Interface
PeoplePower brand.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: Except for historical information contained herein, the other matters
set forth in this news release are forward-looking statements. The forward-
looking statements set forth above involve a number of risks and uncertainties
that could cause actual results to differ materially from any such statement,
including risks and uncertainties associated with economic conditions in the
commercial interiors industry as well as the risks and uncertainties discussed
under the heading "Safe Harbor Compliance Statement for Forward-Looking
Statements" in Item 1 of the Company's Annual Report on Form 10-K for the
fiscal year ended December 29, 2002, which discussion is incorporated herein
by this reference, including, but not limited to, the discussion of specific
risks and uncertainties under the headings "We compete with a large number of
manufacturers in the highly competitive commercial floorcovering products
market, and some of these competitors have greater financial resources than we
do," "Sales of our principal products may be affected by cycles in the
construction and renovation of commercial and institutional buildings," "Our
continued success depends significantly upon the efforts, abilities and
continued service of our senior management executives and our design
consultants," "Our substantial international operations are subject to various
political, economic and other uncertainties," "Our Chairman, together with
other insiders, currently has sufficient voting power to elect a majority of
our Board of Directors," "Large increases in the cost of petroleum-based raw
materials, which we are unable to pass through to our customers, could
adversely affect us," "Unanticipated termination or interruption of any of our
arrangements with our primary third-party suppliers of synthetic fiber could
have a material adverse effect on us," and "Our Rights Agreement could
discourage tender offers or other transactions that could result in
shareholders receiving a premium over the market price for our stock." Any
forward-looking statements are made pursuant to the Private Securities
Litigation Reform Act of 1995 and, as such, speak only as of the date made.
The Company assumes no responsibility to update or revise forward-looking
statements made in this press release and cautions readers not to place undue
reliance on any such forward-looking statements.
SOURCE Interface, Inc.
-0- 06/19/2003
/CONTACT: Daniel T. Hendrix, President and Chief Executive Officer, or
Patrick C. Lynch, Chief Financial Officer, both of Interface, Inc.,
+1-770-437-6800; or Christine Mohrmann or Lindsay Hatton, both of FD
Morgen-Walke, +1-212-850-5600, for Interface, Inc./
/Web site: http://www.interfaceinc.com /
(IFSIA)
CO: Interface, Inc.
ST: Georgia
IN: HOU CST
SU:
HC
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1680 06/19/2003 11:37 EDT http://www.prnewswire.com