Summer Infant Enters Into Amended Credit Agreement
December 11 2015 - 4:01PM
Summer Infant, Inc. ("Summer Infant" or the "Company")
(NASDAQ:SUMR), a global leader in premium infant and juvenile
products, today announced that the Company has amended its existing
credit facility, which still consists of a $60 million revolving
credit facility, a $5 million "first in last out" (FILO) facility
and $10 million term loan facility. The amendment provides, among
other things, for an increase in maximum leverage ratio as defined
in the agreement. Further details of the amendment will be included
in the Company's Current Report on Form 8-K to be filed with the
SEC.
Bob Stebenne, Chief Executive Officer, commented, "We are very
pleased to announce that we've amended our credit facility,
providing increased liquidity as we prepare for expected higher
growth heading into 2016. We appreciate the continued support of
all institutions participating in this credit agreement."
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a global
leader of premium infant and juvenile products for ages 0-3 years
which are sold principally to large North American and
international retailers. The Company currently sells proprietary
products in a number of different categories including nursery
audio/video monitors, safety gates, durable bath products, bed
rails, nursery products, strollers, booster and potty seats,
swaddling blankets, bouncers, travel accessories, highchairs,
swings, and infant feeding products. For more information about the
Company, please visit www.summerinfant.com.
Forward-Looking Statements
Certain statements in this release that are not historical fact
may be deemed "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, and the Company intends that such
forward-looking statements be subject to the safe harbor created
thereby. These statements are accompanied by words such as
"anticipate," "expect," "project," "will," "believes," "estimate"
and similar expressions, and include statements regarding the
Company's expectations regarding increased liquidity and future
growth. The Company cautions that these statements are qualified by
important factors that could cause actual results to differ
materially from those reflected by such forward-looking statements.
Such factors include the concentration of the Company's business
with retail customers; the ability of the Company to compete in its
industry; the Company's ability to continue to control costs and
expenses, including legal expenses; the Company's dependence on key
personnel; the Company's reliance on foreign suppliers; the
Company's ability to develop, market and launch new products; the
Company's ability to grow sales with existing and new customers and
in new channels; the Company's ability to meet required financial
covenants under its loan agreements; and other risks as detailed in
the Company's Annual Report on Form 10-K for the fiscal year ended
January 3, 2015, and subsequent filings with the Securities and
Exchange Commission. The Company assumes no obligation to update
the information contained in this release.
CONTACT: Company Contact:
Chris Witty
Investor Relations
646-438-9385
cwitty@darrowir.com
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