FOR IMMEDIATE RELEASE August 24, 2003
Phil Cogan or Bo Ollison (202) 565-3200
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.