Propex secures $65 million debt

Propex secures $65 million debt

June 6th, 2012 by Staff Report in Business Around the Region

Mike Gorey, president and chief executive officer of Propex Operating Company, LLC,

Mike Gorey, president and chief executive officer of...

Photo by Contributed Photo /Times Free Press.

Propex on Tuesday announced that the world's biggest independent carpet backing manufacturer had secured $65 million to refinance debt and support future growth.

Mike Gorey, president and CEO of Propex, said the refinancing will lower the company's interest expenses and wouldn't have been possible without the recent uptick in Propex's business fortunes.

"We are now able to operate with lower debt levels to better position Propex for future growth," Gorey said.

The announcement came on the heels of a Gorey-led move to downtown Chattanooga.