Empire Investment Holdings portfolio company Polyester Fibers has closed on a new 3 year, $25,000,000 credit facility with PNC Bank. 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.
Miami, Florida (Business Wire) Empire Investment Holdings (“Empire”) 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.
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 and over 1,000 employees.