News from the Export-Import Bank of the United States

AUGUST 25, 2003
Contact:  Phil Cogan or Bo Ollison  (202) 565-3200

EX-IM BANK GIVES PRELIMINARY COMMITMENT FOR UP TO $20 MILLION REVOLVING LOAN GUARANTEE FOR MALDEN MILLS INDUSTRIES, INC.

Action Supports Company's Export Sales, Jobs

WASHINGTON, DC ---The board of directors of the Export-Import Bank of the United States (Ex-Im Bank) has voted to approve a preliminary commitment request from Malden Mills Industries, Inc. for a revolving loan guarantee of up to $20 million to support export sales of its specialty fabrics, including Polartec, to the United Kingdom, France and Korea.

"I am pleased that Ex-Im's board has voted to provide this preliminary $20 million commitment in support of Malden Mills' export operations -- and the work force that makes those exports possible," said Ex-Im Chairman and President Philip Merrill."

The amount of the approved preliminary commitment was related to the size of the company's export-related inventory and receivables. 
 
Malden Mills employs approximately 1,200 employees and with the Ex-Im Bank line of credit hopes to create an additional 100 or more jobs.  The company sells nearly half of its products to international clients.

Final approval of a commitment for a loan guarantee is subject to a number of conditions.

Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports by providing loans, guarantees, and export credit insurance.

In fiscal year 2002 Ex-Im Bank authorized financing to support approximately $13 billion in U.S. exports worldwide.

Original URL: http://www.exim.gov/pressrelease.cfm3E36E012-DAA6-2BDF-8B76D77C57C37B42/

Export-Import Bank of the United States
811 Vermont Avenue, N.W.
Washington, DC 20571
Tel: 1 (202) 565-3946 (EXIM) or 1 (800) 565-3946 (EXIM)