This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Tandy Brands Accessories Announces New Financing Agreement 2009-10-12 11:34 ET - News Release
ARLINGTON, Texas -- (Business Wire)
Tandy Brands Accessories Inc. (Nasdaq:TBAC) announced today that it has
a signed an amendment to its line-of-credit financing facility with
Comerica Bank. The new facility is a revolving line-of-credit that
provides financing of up to $27.5 million, with a term of 18 months,
running through April 2011. The interest rate is approximately 100 basis
points below the previous line of credit.
“This new financing will be more than sufficient to meet our near-term
seasonal requirements, while also providing us the flexibility needed to
achieve our long-term growth objectives,” said Rod McGeachy, President
and Chief Executive Officer of Tandy Brands. “Finalizing this long-term
financing is an important achievement as we continue to stabilize our
operating platform and markedly improve our financial position, cash
cycle and liquidity. The better terms also signal the financial
community’s trust in our management team, and acknowledges the
improvement in out financial and operating performance.
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