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Bank of America Agents Summer Infant Facility Amendment

December 14, 2015, 08:01 AM
Filed Under: Apparel

Summer Infant, Inc., a leader in premium infant and juvenile products, announced that the company has amended its existing credit facility, which still consists of a $60 million revolving credit facility, a $5 million "first in last out" (FILO) facility and $10 million term loan facility. The amendment provides, among other things, for an increase in maximum leverage ratio as defined in the agreement. Further details of the amendment will be included in the company's Current Report on Form 8-K to be filed with the SEC. Bank of America, N.A. is the administrative agent for the exisiting credit facility.

Bob Stebenne, Chief Executive Officer, commented, "We are very pleased to announce that we've amended our credit facility, providing increased liquidity as we prepare for expected higher growth heading into 2016. We appreciate the continued support of all institutions participating in this credit agreement."

Based in Woonsocket, Rhode Island, the Company is a global leader of premium infant and juvenile products for ages 0-3 years which are sold principally to large North American and international retailers. The company currently sells proprietary products in a number of different categories including nursery audio/video monitors, safety gates, durable bath products, bed rails, nursery products, strollers, booster and potty seats, swaddling blankets, bouncers, travel accessories, highchairs, swings, and infant feeding products.

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