On April 3, 2014, Haworth, Inc., as U.S. Borrower and Haworth, Ltd., as Canadian Borrower, entered into senior secured credit facility in the principal amount of US$500,000,000. The facility is comprised of a revolving facility in the amount of US$150,000,000, a U.S. term loan in the amount of US$34,000,000, a Canadian term loan in the amount of US$40,000,000 and a delayed draw commitment of US$276,000,000. The facilities are agented by PNC Bank, National Association.
Haworth, based in Michigan, USA was founded in 1948 by the Haworth family; the company is still privately held, 100% by the Haworth family. Haworth is a worldwide leader in the research, design and manufacture of flexible and sustainable workspaces. In 2013, Haworth recorded $1.4 billion in revenues, with approximately 6,000 employees and over 600 dealers worldwide.
The Agent was represented in Canada by Norton Rose Fulbright Canada LLP with a team consisting of Arnold Cohen and Amanda Fortuna.