SUMR Brands Closes on New Credit Agreement for Future Growth, Reflecting Improved Operating Performance
Summer Infant, Inc. (SUMR)
Last summer infant, inc. earnings: 5/7 04:15 pm
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US:NASDAQ Investor Relations:
investor.summerinfant.com/home/default.aspx
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Source: GlobeNewswire
WOONSOCKET, R.I., Oct. 16, 2020 (GLOBE NEWSWIRE) -- SUMR Brands ("SUMR" or the "Company") (NASDAQ: SUMR), a global leader in premium infant and juvenile products, today announced that it has entered into a Third Amended and Restated Loan and Security Agreement with Bank of America, N.A. (the “Credit Facility”) that replaces its prior $48.0 million asset-based revolving credit facility (“ABL”) with Bank of America and $17.5 million term loan with Pathlight Capital LLC. “We’re pleased to announce that the Company has successfully concluded the refinancing of its debt, entering into a new agreement with Bank of America that establishes a solid foundation to support ongoing growth, working capital needs and also significantly reduces future interest expense,” said Stuart Noyes, Interim CEO. “Operating under this new Credit Facility is expected to lower our interest cost by approximately $2.0 million annually based on current borrowing levels.” Mr. Noyes continued, “This year we have m
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