Florida based leading prestige fragrances manufacturer & international distributor Parlux Fragrances Inc announced that it had concluded an agreement to increase its credit line with GMAC Commercial Finance (GMACC) from $20 million to $30 million, with a further increase to $35 million at the Company's option.
The line, with improved terms, was extended through July 2008.
The interest rate was reduced from prime to 0.25 percent under prime.
Frank A. Buttacavoli, Chief Operating and Chief Financial Officer, said, “All are pleased to continue to partner with GMACC to finance growth. They have been with us for a number of years and have always been responsive to needs. This new agreement reflects their confidence in us, the improvement in earnings, and strength of balance sheet. Prudently requested the line increase to support growth objective of exceeding $300 million in sales for next fiscal year ending March 31, 2007.”
It holds licenses for Paris Hilton fragrances, watches, cosmetics, handbags and other small leather accessories in addition to licenses to manufacture and distribute the designer fragrance brands of Perry Ellis, GUESS?, XOXO, Ocean Pacific (OP), Maria Sharapova, Andy Roddick, babyGund, and Fred Hayman Beverly Hills.