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Swift Spinning, Inc. Completes Refinancing of its Revolving Credit Facility and Term loans

Columbus, GA, April 20, 2009 – Swift Spinning, Inc. (“Swift”), a Columbus, GA based manufacturer of ring spun yarn, and affiliate of Blackstreet Capital Partners I, has completed the refinancing of its revolving credit facility and term loans.

“The refinancing of Swift has better capitalized the Company and has provided the business with ample liquidity to survive the current downturn in the economy.” said Ric Miller, Chairman of Swift Spinning.

“We believe that the ability to complete this refinancing in this difficult environment is testimony to our strong management team and the health of the Swift operation, in the face of an industry where competitors are shutting down plants, reducing staff and liquidating equipment. We are very excited about the prospects of the business going forward”, added Miller.  Trey Hodges, CEO said “It is an exciting time as Swift begins its second 100 years of business.  We are well positioned to furnish high quality ringspun yarns to our customer base in North and Central America.  We look forward to the opportunities that the refinancing provides.”   

Swift Spinning, LLC, the majority owner of Swift has been a portfolio company of Blackstreet Capital Partners I since May 2007.

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About Swift Spinning, Inc.

Founded in 1906, Swift Spinning, Inc. (www.swiftspinning.com) is a Columbus, GA-based manufacturer of award-winning high quality cotton yarn. Swift’s yarn is sold into three major market segments: apparel, hosiery and weaving.  The company’s yarns are in products that carry the label of Ralph Lauren Polo, Liz Claiborne, J.C. Penney, Sears, Mervyns, Tommy Hilfiger, Gold Toe, Land’s End, L.L Bean, and Nike  among others.

About Blackstreet Capital

Blackstreet Capital Management, LLC (www.blackstreetcapital.com) is a Chevy Chase, MD based private equity firm with $200 million of capital under management. Blackstreet focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. Blackstreet seeks investments in a range of industries, including manufacturing/distribution, restaurants, specialty retail, business services and health care. BCM is currently investing Blackstreet Capital Partners II, a $106 million fund.