The Dixie Group, Inc. reported Tuesday it has completed the previously announced public offering of 2,500,000 shares of its common stock.
Net proceeds from the offering will be used for general corporate purposes, and to reduce the balance under the company’s revolving credit facility, including borrowings associated with the recent acquisition of Atlas Carpet Mills.
With closing of this transaction the company reports it now has secured the funds to pay off the Tranche B loan of $5.6 million, due June 30. Net of the Tranche B funding, availability under the company’s revolving credit facility, is in excess of $40 million.
The Dixie Group is a marketer and manufacturer of carpet and rugs to higher-end residential and commercial customers through the Fabrica International, Masland Carpets, Dixie Home, Masland Contract, Atlas Carpet Mills and Avant brands.