In Brief: Bank of Boston Agent On $80M Credit Line

Bank of Boston Corp. was the agent in an $80 million credit facility for U.S. Leather Inc.

In a press release, U.S. Leather said the five-year revolving loan is expected to provide up to $15 million of increased liquidity, increase flexibility to pursue strategic initiatives and reduce costs of future borrowing.

U.S. Leather is reorganizing its structure to reflect a transition from a subsidiary-style organization to a single company with multiple product lines. The changes are expected to reduce excessive management layers and enhance customer delivery on a pro-forma basis.

U.S. Leather said it would have had a borrowing capability under the new asset-based credit facility of about $78 million, and availability of about $50 million.

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