Superior Uniform closes $77 million credit facility via Branch Banking

By Wendy Van Sickle

Columbus, Ohio, March 2 – Superior Uniform Group entered into a credit agreement Tuesday with Branch Banking and Trust Co. providing for a five-year $35 million revolving credit agreement and a seven-year $42 million term loan, according to an 8-K filing with the Securities and Exchange Commission.

Both tranches bear interest at Libor plus 75 basis points.

The company must comply with a minimum fixed-charge coverage ratio of 1.25 times and a maximum ration of funded debt to EBITDA of 4 times.

The financing replaces a $20 million revolver and a $45 million term loan with Fifth Third Bank, NA as lender that were due to mature March 8, 2021.

Based in Seminole, Fla., Superior Uniform designs, manufactures and markets employee uniforms, image apparel, scrubs and patient apparel.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.