Fleet Capital And Bank One Provide $35 Million To Mattress Giant Corporation

Furniture World Magazine

Fleet Capital Corporation, the nation's largest bank-owned, asset-based lender, announced that it has co-agented (with Bank One) a $35 million credit facility to Dallas, Texas-based Mattress Giant Corporation. The credit facility will be used to refinance existing senior debt. Each lender will hold half of the $35 million facility. Founded in 1986, Mattress Giant is one of the nation's largest bedding retailers and one of the few that carries multiple vendors, selling most of the top name brand mattresses in the U.S. The Texas-based chain currently has 200 retail locations throughout the United States. Mattress Giant intends to continue its growth by adding 10-15 retail outlets each year as a result of its new credit facility. "Everyone believes this is an opportunistic deal created by the explosive growth that has occurred at the company and the positive trends seen in the bedding industry as a whole," said Phil Lang, CEO and President of Mattress Giant. Fleet Capital Corporation, with 25 offices located throughout the United States and more than $16 billion in committed lines of credit, provides secured financing and other commercial finance services to domestic, middle-market companies and their foreign subsidiaries. Fleet Capital is part of FleetBoston Financial, a $181 billion diversified financial services company and the parent company of the eighth largest bank in the nation. FleetBoston Financial offers a comprehensive array of innovative financial solutions to 20 million customers in some twenty countries. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF). For more information about Fleet Capital, visit its Web site at www.fleetcapital.com.