The agreement provides for borrowings at LIBOR plus 2.00%, and expires on May 5, 2019. The facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other related business activities.
It replaces a prior $40 million facility at HSBC. As of March 31, 2016, the Company had outstanding borrowings of $35.7 million under the revolving loan agreement with HSBC.
Acme United chairman and CEO Walter C. Johnsen said, "We are very pleased to have increased our borrowing capacity to help finance expansion of our business. The Company continues to see many growth opportunities and we are excited about our prospects. We thank HSBC for their help and support."
Acme United is an innovative supplier of cutting devices, measuring instruments, and safety products for school, home, office, hardware, sporting goods and industrial use. Its leading brands include Westcott, Clauss, Camillus, CUDA, PhysiciansCare ,Pac-Kit First Aid Only and DMT.
