Cherokee Global Brands Amends Credit Agreement
CHEROKEE (CHKE)
Last cherokee earnings: 12/13 04:05 pm
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US:NASDAQ Investor Relations:
phx.corporate-ir.net/phoenix.zhtml?c=104335&p=irol-irhome
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Source: GlobeNewswire
SHERMAN OAKS, Calif., Jan. 31, 2019 (GLOBE NEWSWIRE) -- Cherokee Global Brands (NASDAQ: CHKE), a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, today announced its amended credit facility. On January 30, 2019, Cherokee entered into a second amendment to its senior secured credit facility with Gordon Brothers Finance Company to borrow an additional $5.3 million under the senior secured credit facility. A portion of the net proceeds were used to repay the $2.0 of subordinated notes that the Company entered into on December 28, 2018, and the balance will be used for general working capital purposes. With the amendment, the senior secured credit facility no longer requires that the Company raise $2.0 million of additional capital. Furthermore, this new amendment reduces from $6.0 million to $1.0 million the allowable level of junior capital the Company can raise to support operations. “We are pleased to enter into our amended
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