Ethan Allen Interiors Inc., the Danbury furniture maker-retailer with showrooms throughout Connecticut, says its lenders have modified their line of credit to a maximum $100 million to finance “future opportunities.”
The credit line from JPMorgan Chase Bank and Wells Fargo Bank, lenders with an extensive Connecticut presence, bears a lower rate of interest than the one it replaced, reducing the firm’s overhead, Ethan Allen Chairman and CEO Farooq Kathwari said Friday.
The financing expires, under certain conditions, no later than March 25, 2016.
Ethan Allen says it pledged all its U.S. assets, except its real estate, as security for the financing.
