S&P lowers debt rating on sockmaker Renfro

 In Daily Digest

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S&P lowered its debt rating on sock manufacturer Renfro Corp. after it determined a recent transaction was tantamount to a default on its existing term loan. The rating agency said the downgrade reflects Renfro’s borrowing of $20.2 million under a new term loan facility made up of $10.1 million of new money and the roll-up of $10.1 million of its existing term loan. The Mount Airy-based company holds exclusive sock licenses to many brands including Fruit of the Loom, Dr. Scholl’s and Polo Ralph Lauren as well as its own brands including KBell, Hot Sox and Copper Sole.

 

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