Bank of America Business Capital(BOA) announced 5/01/06 that it provided a EUR 200M asset-based revolver to luxury crystal/porcelain manufacturer Waterford Wedgwood plc. In a separate facility, BOA Securities provided a USD 60M senior tranche B facility. The facilities will be used to refinance existing debt & support restructuring effort. BOA also will provide letters of credit as well as foreign exchange & cash management products & services. "BOA Business Capital & BOA Securities worked together to provide a total financial solution that met our unique borrowing needs," said Waterford Wedgwood CEO P Cameron. "They utilized their global capabilities to structure a complex transaction lending against our assets in the US & a number of EU countries." We delivered financing with more availability than the client's previous loan, giving Waterford Wedgwood the liquidity to complete its restructuring plan," said Joyce White, president of Bank of America Business Capital. "They should now have the financial flexibility to enhance their market position as a world leader in the luxury product category."
