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Design Within Reach in New Credit Facility With Wells Fargo Capital Finance

November 29, 2012, 08:32 AM

Design Within Reach announced the completion of a loan agreement with the Retail Finance Division of Wells Fargo Capital Finance. The five-year agreement for a $22.5 million senior secured revolving credit facility replaces the current $17.5 million facility with Wells Fargo Capital Finance. Borrowings under the facility are based on eligible inventory and accounts receivable, less certain reserves. While the Company currently has no borrowings outstanding under the new facility, it plans to use funds from the credit facility to continue to finance its growth initiatives.

DWR's chief operating officer John McPhee stated, "We are pleased with our ability to secure this new credit facility under favorable terms and believe it demonstrates the confidence DWR and our lenders have in the future of the company."

"We are pleased to have been able to continue our relationship with Design Within Reach through this new credit facility," said Keith Vercauteren, division manager of the Retail Finance Division of Wells Fargo Capital Finance. "We look forward to working with the company and helping its management team achieve their strategic objectives."

Design Within Reach, Inc., founded in 1998 and headquartered in Stamford, CT, is the source for the best in authentic modern design. The company markets and sells its furniture and accessories to both residential and trade customers through its design Studios in the United States and Canada.

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