Culp Inc. has announced the entry into a significant agreement with Wells Fargo Bank, National Association, extending its asset-based revolving credit facility (ABL Facility) through a Third Amendment to its Second Amended and Restated Credit Agreement. The extension prolongs the facility's term by three years, now maturing on June 12, 2028. The ABL Facility, which supports revolving credit loans and letters of credit, maintains a maximum principal amount of $30 million with the potential to increase by up to $10 million upon mutual agreement through an accordion feature. This agreement aims to provide Culp Inc. with continued financial support for fees, working capital, and general corporate purposes.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.