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Cone Mills Extends Credit Facilities

GREENSBORO, N.C., June 29 /PR Newswire/ -- Cone Mills Corporation(NYSE: COE) today announced that it has amended its agreements with its lenders extending existing credit facilities through November 7, 2001. The terms of the amended agreements are essentially unchanged except for the deferral of scheduled principal payments until November 7, 2001. The company and its lenders entered into the extension to allow sufficient time for implementation of the company's previously announced Reinvention Plan and completion of due diligence related to successor credit facilities. Chief Financial Officer, Gary L. Smith commented: "The company's target is to complete the due diligence process with our lenders and enter into new,longer term credit facilities during the next few months. In regard to a status report on the implementation of the Reinvention Plan and the realization of projected savings from the plan, we are proceeding according to schedule with the completion of initiatives related to about two thirds of the expected benefits. With the benefits of the Reinvention Plan the company has a sound plan to weather present economic conditions, reduce debt substantially  and position itself to prosper over the long-term." Founded in 1891, Cone Mills Corporation, headquartered in Greensboro, NC,is the world's largest producer of denim fabrics and the largest commission printer of home furnishings fabrics in North America. Manufacturing facilities are located in North Carolina and South Carolina, with a joint venture plant in Coahuila, Mexico. The matters disclosed in the foregoing release include forward-looking statements. These statements represent Cone's current judgment on the future and are subject to risks and uncertainties that could cause actual results to differ materially. Such factors include, without limitation: (i) the demand for textile products, including Cone's products, will vary with the U.S. and world business cycles, imbalances between consumer demand and inventories of retailers and manufacturers and changes in fashion trends, (ii) the highly competitive nature of the textile industry and the possible effects of reduced import protection and free-trade initiatives, (iii) the unpredictability of the cost and availability of cotton, Cone's principal raw material, (iv)Cone's relationships with Levi Strauss as its major customer, (v) Cone's ability to attract and maintain adequate capital to fund operations and strategic initiatives, (vi) increases in prevailing interest rates, and (vii)the inability to achieve the savings and profit improvement associated with Cone's Reinvention Plan. For a further description of these risks, see Cone's2000 Form 10-K, "Item 1. Business -Competition, -Raw Materials and -Customers"and "Management's Discussion and Analysis of Results of Operations and Financial Condition." Other risks and uncertainties may be described from time to time in Cone's other reports and filings with the Securities and Exchange Commission.SOURCE Cone Mills Corporationhttp://www.cone.comCopyright 2001 PR Newswire




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