Jaclyn announced it entered into an amendment and extension of its revolving credit facility with TD Bank as agent and a lender, and Israel Discount Bank of New York as a lender.

The term of the credit facility was extended until November 30, 2017. In addition, the maximum principal amount of revolving loans and face amount of letters of credit under the credit facility was set at $50 million.

Applicable interest rates were reduced to the prime rate less 0.25% or, at the company’s option, 200 basis points above a floating 30-day Libor rate, or a fixed Libor rate for interest periods of 1, 2, or 3 months. The company will no longer be required to pay a fee on the unused portion of the credit facility (previously 0.25% on the first $30 million available under the credit facility). The company’s non-real estate assets are pledged to the bank as collateral.

The facility continues to require the company to maintain a specified minimum tangible net worth and interest coverage, as well as a debt to equity requirement, each measured annually.