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Lenox Closes Loan Deal

By Staff -- Gifts and Dec, 4/23/2007 8:24:00 AM

Eden Prairie, MN — Gift and tabletop vendor Lenox Group completed the refinancing of its $275 million revolving credit and term loans. The new financing package includes a $100 million secured term loan due in 2013, and a $175 million revolving credit facility due in 2012. Lenox plans to use the proceeds to refinance its existing revolving credit and term loans (approximately $106.1 million as of March 23), and for operating expenses.

The new loans get the company out of a credit crunch: Lenox became out of compliance with previous credit agreements in December 2006, and in February signed a short-term agreement which gave the company until this month to find a long term solution.

Marc L. Pfefferle, interim CEO, said the credit "provides us with increased flexibility to finance our company's ongoing operations. Together with the new business plan we have already begun executing, this refinancing is an important step in positioning the company to move forward with a stable financial platform for growth and sustained profitability."

Pfefferle joined the company in January, following the resignation of long-time CEO Susan Engel. Lenox also recently added a financial expert to its board.

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