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Tag-It Pacific enters into revolving credit & term loan deal with Bluefin
28 Jun '07
2 min read
Tag-It Pacific Inc brand owner of Talon zippers and a full service outsourced trim management supplier for manufacturers of fashion apparel announced the completion of a $14.5 million debt facility to provide for the retirement of its existing convertible notes payable and for its future operating growth.
Effective June 27, 2007 Tag-It Pacific Inc entered into a Revolving Credit and Term Loan Agreement with Bluefin Capital, LLC providing for a $5.0 million revolving credit loan and a $9.5 million term loan for a three-year period ending June 30, 2010.
Upon closing, $12,500,000 of the proceeds were restricted or held in escrow to pay in-full the Company's existing convertible notes that are due in November 2007.
Repayment of these convertible notes will be made at an earlier date if the note holders waive a pre-payment penalty. In connection with the transaction, the Company also retired $1.0 million of other indebtedness that was formerly payable on demand.
“We are very pleased to complete this important transaction,” stated Stephen Forte, Chief Executive Officer of Tag-it.
“This substantial credit facility reflects a major accomplishment and positioning of the Company to achieve our strategic objectives, and is reflective of the confidence of the Company and its partners in our future."
"In addition to the retirement of the convertible notes, this facility also provides us with additional operating funds to continue our rapid expansion of Talon brand products through the addition of new offices and facilities throughout the world,” Mr. Forte concluded.
Effective June 27, 2007 Tag-It Pacific Inc entered into a Revolving Credit and Term Loan Agreement with Bluefin Capital, LLC providing for a $5.0 million revolving credit loan and a $9.5 million term loan for a three-year period ending June 30, 2010.
Upon closing, $12,500,000 of the proceeds were restricted or held in escrow to pay in-full the Company's existing convertible notes that are due in November 2007.
Repayment of these convertible notes will be made at an earlier date if the note holders waive a pre-payment penalty. In connection with the transaction, the Company also retired $1.0 million of other indebtedness that was formerly payable on demand.
“We are very pleased to complete this important transaction,” stated Stephen Forte, Chief Executive Officer of Tag-it.
“This substantial credit facility reflects a major accomplishment and positioning of the Company to achieve our strategic objectives, and is reflective of the confidence of the Company and its partners in our future."
"In addition to the retirement of the convertible notes, this facility also provides us with additional operating funds to continue our rapid expansion of Talon brand products through the addition of new offices and facilities throughout the world,” Mr. Forte concluded.
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