| ARLINGTON, Texas, Oct 12, 2009 (BUSINESS WIRE) --
Tandy Brands Accessories Inc. (TBAC, Trade ) 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.
"We appreciate how Comerica has partnered with us to provide us with a
finance structure that meets the specific needs of our business," said
Mr. McGeachy. "We reviewed several financing options from various
institutions, and the Comerica proposal best meets the long-term needs
of the company."
About Tandy Brands Accessories, Inc.
Tandy Brands Accessories, Inc. is a leading designer and marketer of
branded men's, women's and children's accessories, including belts,
gifts, small leather goods, eyewear, neckwear and sporting goods.
Merchandise is sold under various national brand names as well as
private labels to all major levels of retail distribution, including the
e-commerce web sites for Rolfs(R) at
www.rolfs.net
and Sport Beads at
www.sport-beads.com
.
Safe Harbor Language
Except for historical information contained herein, the statements in
this release are forward-looking and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause the company's actual results in future
periods to differ materially from forecasted or expected results. Those
risks include, among other things, the competitive environment in the
industry in general and in the company's specific market areas,
inflation, changes in costs of goods and services and economic
conditions in general and in the company's specific market area. Those
and other risks are more fully described in the company's filings with
the Securities and Exchange Commission.
SOURCE: Tandy Brands Accessories Inc.
Tandy Brands Accessories, Inc.
Rod McGeachy, 817-548-0090
Chief Executive Officer
or
Investor Relations
Beacon Street Group
Kenneth E. Pieper, 972-618-6924
|
