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Interface Announces Amendment and Restatement of Credit Facility
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 
-- NYTH097 --
1680 06/19/2003 11:37 EDT http://www.prnewswire.com