R.G. Barry Corporation Secures Factoring and Financing From CIT
2004年3月30日 - 7:24AM
PRニュース・ワイアー (英語)
R.G. Barry Corporation Secures Factoring and Financing From CIT
PICKERINGTON, Ohio, March 29 /PRNewswire-FirstCall/ -- R.G. Barry
Corporation said today that it entered into a factoring and
financing agreement with The CIT Group/Commercial Services. Under
the credit facility, CIT may advance to the Company loans and
arrange for the issuance of letters of credit in an aggregate
amount up to $35 million, subject to a borrowing base formula. The
agreement is for a stated term of three years. Fromfunds to be
borrowed under the new CIT facility, the Company will retire all
indebtedness to its current lending bank and to an institutional
lender. To secure the financing, the Company is granting to CIT a
security interest and pledge in substantially all of its assets,
including a mortgage on all of its real estate. The Company's
current bank facility, which will be retired, is also secured by
substantially all of the assets of the Company. The CIT agreement
permits the Company to convert its factoring arrangement to an
asset-based revolving loan on terms to be mutually agreed upon. "We
are pleased to have established this relationship with CIT which
has such an excellent reputation in providing financial services to
the apparel and footwear industries, and we believe that it
provides a financing arrangement that is well-suited to our comfort
footwear business," said Thomas Von Lehman, President and Chief
Executive Officer. "CIT has long been committed to financing the
apparel and footwear industries, and we are pleased to have the
opportunity to play a role in R.G. Barry's business strategy," said
John F. Daly, President of CIT Commercial Services. "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995: Thestatements in this release, other than statements of
historical fact, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
All forward-looking statements are based upon information available
tothe Company on the date of this release. Any forward-looking
statement inherently involves risks and uncertainties that could
cause actual results and outcomes to differ materially from those
anticipated by our forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to, continued acceptance of the Company's products in the
marketplace, the success of the Company's on-going efforts to
achieve profitability, the decision of CIT to continue to fund
under its discretionary factoring and financing arrangement with
the Company, competitive factors, dependence on third party
contract manufacturers, and the continuing support of the Company's
suppliers and customers. Other risks to the Company's business are
detailed in our press releases, shareholder communications and
Securities and Exchange Commission filings. DATASOURCE: R.G. Barry
Corporation CONTACT: Daniel D. Viren, Senior Vice
President-Finance, or Roy Youst, Director Corporate Communications,
both of R.G. Barry Corporation, +1-614-864-6400
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