First Union Provides Line Of Credit For Dan River
First Union Capital Markets, Charlotte, N.C., has syndicated a $275 million, five-year revolving
line of credit for Dan River's acquisition of The Bibb Co., Atlanta. The line of credit was
underwritten by First National Bank.
In connection with the acquisition, First Union's merger and acquisition subsidiary, Bowles Hollowell Conner and Co., also provided a fairness opinion to Dan River shareholders.
"We are pleased to help Dan River continue to grow and expand by helping them evaluate and finance their acquisition strategy," said Susan Doyle, First Union senior vice president.
According to Dan River, the Bibb acquisition will allow Dan River to enhance market position by adding juvenile, health care and hospitality bedding segments to its home furnishings business.