Superior Group of Companies entered into an amended and restated credit agreement with PNC Bank as administrative agent and a syndicate of lenders.
The amended and restated facilities consist of a $125 million revolving credit facility and a $75 million term loan, unchanged in size from the prior agreement and the company retains the ability to request up to an additional $75 million of incremental capacity. The facilities have a five-year term, extending the company’s debt maturity from August 2027 to August 2031.
“With $200 million of committed capacity and a five-year runway, we have the flexibility to support our capital allocation strategy and pursue disciplined growth across our segments,” Michael Koempel, president and chief financial officer of Superior Group, said. “We appreciate the confidence from our banking partners by extending these facilities with terms that are supportive of our growth initiatives.”
