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Bank of Texas Provides $6MM Facility to Tandy Leather

September 25, 2015, 07:44 AM
Filed Under: Retail

Tandy Leather Factory announced an agreement with Bank of Texas for a $6 million revolving credit facility.  This credit facility replaced the company's prior line of credit with JPMorgan Chase Bank, N.A.  The new agreement expires in September 2017.  Further, Bank of Texas is providing a line of credit facility of up to $10 million for the purpose of repurchasing the company's common stock.

The $6 million revolving credit facility is secured by the company's inventory.  The $10 million facility is secured by a Deed of Trust on the Company's corporate headquarters. Amounts drawn under either facility accrue interest at LIBOR plus 1.85%.  No proceeds were drawn on either line of credit upon closing.  There are no unused line fees associated with either facility.

Jon Thompson, CEO and President of Tandy Leather Factory, Inc. explained, "Bank of Texas has been a solid partner of ours for several years and we appreciate the opportunity to expand that relationship as they have a great local team.  We are not eliminating our relationship with JPMorgan Chase Bank as we rely on their expertise and capabilities internationally.  They will continue to be valuable partner."

Tandy Leather Factory, Inc., headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits.

The company distributes its products through its 28 Leather Factory stores, located in 19 states and 3 Canadian provinces, 82 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and three combination wholesale/retail stores located in the United Kingdom, Australia, and Spain.  information, future events or otherwise.

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