Acme United, a worldwide supplier of safety solutions and cutting technology to the school, home, office, hardware, sporting goods and industrial markets, renewed and increased its revolving loan facility with HSBC Bank.
The agreement provides for borrowings up to $65 million (an increase of $15 million) at an interest rate of SOFR plus 1.75% and expires on May 31, 2026. The terms of the credit facility (including the effective interest rate) otherwise are materially unchanged. The facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other business activities.
As of March 31, 2022, the company had outstanding borrowings of $40.2 million under the revolving loan agreement with HSBC.
“We are very pleased to have extended and increased our credit facility with HSBC,” Walter C. Johnsen, Chairman and CEO, said. “The company continues to see many growth opportunities, and this facility better positions us to execute on those opportunities. We thank HSBC for their support and commitment to our business.”
Acme United is a leading worldwide supplier of innovative safety solutions and cutting technology to the school, home, office, hardware, sporting goods and industrial markets. Its leading brands include First Aid Only, First Aid Central, PhysiciansCare, Pac-Kit, Spill Magic, Westcott, Clauss, Camillus, Cuda, DMT, and Med-Nap.
