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CollinsandAikman Announces Recapitalization

DALTON, Ga., Dec. 6 /PRNewswire/ -- CAF Holdings, Inc. parent company ofCollinsandAikman Floorcoverings, Inc. (CAF), today entered into a definitiveRecapitalization Agreement with two new equity investors. In connection withthe Recapitalization, investment funds managed by Oaktree Capital Management,LLC and Bank of America Capital Investors will become the majority owners ofCAF Holdings, and management of CAF and other existing owners of CAF Holdingswill retain a significant ownership position. The Recapitalization will result in a change of control of CAF Holdings.In connection with the Recapitalization, CAF intends to make a tender offerand consent solicitation for its 10% Senior Subordinated Notes due 2007 (the"Offer"), which will be subject to a number of conditions, includingconsummation of the transactions contemplated by the RecapitalizationAgreement. Credit Suisse First Boston Corporation ("CSFB") will act as thedealer manager for the Offer. CSFB also acted as exclusive financial advisorto CAF Holdings in connection with the Recapitalization. The transaction isanticipated to close Q1, 2001.

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