AloStar Amends Lakeland Revolver
Lakeland Industries amended its senior revolving credit facility with AloStar Bank of Commerce. Maximum borrowing capacity under the amended facility remains $15 million.
The amended terms include a 200 basis point reduction in interest rate with a new floor lowered to 4.25% and a term extension by one year to June 28, 2017.
Christopher J. Ryan, president and CEO of Lakeland Industries, commented, “Reflecting Lakeland’s improving operational performance and successful financing strategies, at January 31, 2015, the end of the company’s 2015 fiscal year, the AloStar credit facility was reduced by 55% to $5.6 million from $12.4 million at January 31, 2014. The proceeds from the initial AloStar credit facility were used to fully repay the company’s former financing facility with TD Bank, which was approximately $13.7 million at June 30, 2013. We appreciate the relationship we have enjoyed with our trusted lenders in AloStar, who supported us at the commencement of our turnaround efforts and are now benefiting from the resurgence in our business as our credit profile has markedly improved.”
Lakeland Industries manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market.