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Apparel producer Jaclyn signs deal with TD Bank
28
Dec '11
Jaclyn Inc. announced that it has entered into a Second Amended and Restated Revolving Loan Agreement with TD Bank, N.A., as Agent and a lender, and Israel Discount Bank of New York, as a lender.

The term of the credit facility has been extended until November 30, 2013 and continues to provide for short-term loans and the issuance of letters of credit in an aggregate amount not to exceed $60,000,000.

Based on a borrowing formula, the Company may borrow up to $30,000,000 in short-term loans ($40,000,000 during the period from September 15 to December 15 during each year) and up to $60,000,000 including letters of credit. The borrowing formula allows for an additional amount of letters of credit to be issued during the Company's peak borrowing season from March through October.

The Company's non-real estate assets are pledged to the bank as collateral. The line of credit requires that the Company maintain a minimum tangible net worth and interest coverage, and imposes a debt-to-equity requirement, in each case measured annually.

Borrowings under the credit facility bear interest based on, at the Company's option: (a) the prime rate, with a minimum interest rate of 3.25%, or (b) a floating 30-day LIBOR rate plus 250 basis points, with a minimum LIBOR rate of 0.50%.

Jaclyn Inc. is a designer, manufacturer and marketer of apparel, women's sleepwear, infants' and children's apparel, handbags, premiums and related accessories.

Jaclyn Inc


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