Delta Apparel Announces Completion of Amended Loan Agreement
Delta Apparel Inc., Greenville, S.C., announced that it has entered into a Fourth Amended and Restated Loan and Security Agreement (the "Amended Loan Agreement").
The Amended Loan Agreement, which matures in May 2016, replaces the company's existing credit facility, which would have expired in September 2012. As a part of the agreement, the company increased its line of credit from $110 million to $145 million (subject to borrowing base limitations), with the option to increase the maximum borrowings under the credit facility to up to $200 million. The Amended Loan Agreement is with Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, Wells Fargo Capital Finance, LLC, as Sole Lead Arranger, and Wells Fargo Capital Finance, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Bookrunners.
Robert W. Humphreys, chairman and chief executive officer, commented, "We are pleased with our ability to secure this new agreement and believe it underscores the confidence we and our lenders have in the future of the company."
Further details regarding these refinancing transactions are available in the Current Report on Form 8-K which the company filed with the SEC on June 3, 2011.
For more information, visit www.deltaapparelinc.com.