Design Within Reach, Inc. (DWRI.PK), today announces completion of a loan agreement with the Retail Finance Division of Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The five-year agreement for a $22.5 million senior secured revolving credit facility replaces the current $17.5 million facility with Wells Fargo Capital Finance. Borrowings under the facility are based on eligible inventory and accounts receivable, less certain reserves. While the Company currently has no borrowings outstanding under the new facility, it plans to use funds from the credit facility to continue to finance its growth initiatives.
DWR's Chief Operating Officer John McPhee stated, "We are pleased with our ability to secure this new credit facility under favorable terms and believe it demonstrates the confidence DWR and our lenders have in the future of the Company."
"We are pleased to have been able to continue our relationship with Design Within Reach through this new credit facility," said Keith Vercauteren, division manager of the Retail Finance Division of Wells Fargo Capital Finance. "We look forward to working with the company and helping its management team achieve their strategic objectives."
Design Within Reach, Inc., founded in 1998 and headquartered in Stamford, Conn., is the source for the best in authentic modern design. The company markets and sells its furniture and accessories to both residential and trade customers through its design Studios in the United States and Canada, http://www.dwr.com and its Connecticut-based phone sales team at 1.800.944.2233. For inquiries regarding DWR Contract, visit http://www.dwrcontract.com.
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit http://wellsfargocapitalfinance.com.
For additional information, contact Kim Phillips at pr(at)dwr(dot)com.
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