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Lakeland Industries Doubles Size of Credit Facility with Bank of America

June 30, 2021, 07:16 AM
Filed Under: Manufacturing
Related: Bank of America

Lakeland Industries, a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, significantly expanded its credit facility with Bank of America in support of its capital allocation strategy focused on inorganic corporate developments and other growth initiatives. The amendment to the Company's senior secured revolving credit facility increases the amount of potential borrowings from $12.5 million to $25.0 million. With cash of $60.3 million at April 30, 2021, the Company has not drawn down on the credit facility and continues to have no debt.

Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries, stated, "We appreciate the continued support of Bank of America which has demonstrated its confidence in our global growth strategy by significantly increasing our credit facility. The amended credit facility provides for $15 million to be allocated toward acquisitions. Together with our substantial cash position in excess of $60 million and increasing, we are well equipped to put into action our capital allocation strategy. This plan includes organic and inorganic growth initiatives as well as other efforts to expand our global enterprise and further drive shareholder returns, including our stock buyback program."

The amended facility announced today provides improved terms under which borrowings may be used toward acquisitions by the Company or its subsidiaries.

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