Linwood, Pennsylvania - Polyurethane foam specialist Foamex International Inc. will extend its rights offering and second lien term loan offering to 12 Aug at 5:00 p.m. New York time, the company announced 28 July. The offerings were previously due to expire on 24 July.
Foamex said, as previously announced, its total debt as of 29 June 2008 was around $417.6 million, down from around $629 million as of 1 April 2007. The company said that it has already received assignments of second lien term loans in the amount of around $20.4 million. Foamex expects total debt to be less than $400 million upon the closing of the offerings.
The rights offering and second lien term loan offering are anticipated to close 15 Aug 2008, the company added.