FOAMEX ANNOUNCES REPAYMENT OF APPROXIMATELY $9.7 MILLION TOWARDS FIRST LIEN TERM LOAN
LINWOOD, PA, October 12, 2007 – Foamex International Inc. (OTC: FMXL), a leading manufacturer of flexible polyurethane and advanced polymer foam products, today announced that it will use net proceeds of approximately $9.7 million from the previously announced sale of its stand-alone carpet cushion facilities towards a repayment of its first lien term loan. The net proceeds amount differs slightly from the anticipated amount of approximately $10 million due to a post-closing inventory adjustment.
Commenting on the debt reduction, Jack Johnson, President and Chief Executive Officer of Foamex, said: “We continue to focus on deleveraging the balance sheet and I remain confident that we are on track to meet or exceed our goal of having less than $560 million of net debt by year-end.”
About Foamex International Inc.
Foamex, headquartered in Linwood, PA, is the world's leading producer of polyurethane foam-based solutions and specialty comfort products. The Company services the bedding, furniture, carpet cushion and automotive markets and also manufactures high-performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. For more information visit the Foamex web site at http://www.foamex.com.
Forward-Looking Statements
This press release contains, and oral statements made from time to time by representatives of the Company may contain forward-looking statements within the meaning of Section 27Aof the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, future operating results, operating efficiencies, future market prices and margins, future energy costs, future government and legislative action, future cost savings, future benefit costs, the Company’s liquidity and ability to finance its operations, and other statements that are not historical facts that involve certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties
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materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Additional information that could cause actual results to vary materially from the results anticipated may be found in the Company’s most recent Form 10-K and other reports filed with the Securities and Exchange Commission. Readers should be aware that any forward-looking statement made in this press release or elsewhere by the Company speaks only as of the date on which it was made, and the Company disclaims any obligation or intent to update any of the factors listed above or forward-looking statements.
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