| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Superior Group of Cos., Inc. > News item |
Superior Group gets new $200 million senior secured credit facility
By Mary-Katherine Stinson
Lexington, Ky., Aug. 24 – Superior Group of Cos., Inc. closed on a new $200 million five-year senior secured credit facility on Aug. 23, according to an 8-K filing with the Securities and Exchange Commission.
The facilities consist of a $125 million revolving credit facility and a $75 million term loan.
There is an option to request up to an additional $75 million subject to obtaining lender commitments and other conditions.
Interest on the credit facilities will accrue at SOFR plus a credit spread adjustment between 10 basis points to 25 bps depending on the applicable interest period plus a margin ranging between 100 bps to 200 bps based on the company’s net leverage ratio.
There is a commitment fee on the unused portion of the revolver ranging from 12.5 bps and 25 bps.
The credit agreement also requires the company to maintain a fixed charge coverage ratio of at least 1.25x and a net leverage ratio not to exceed 4x.
PNC Bank, NA is the administrative agent.
PNC Capital Markets LLC is the sole lead arranger and bookrunner.
Joining PNC Bank as lenders are BMO Harris Bank, NA, Valley National Bank and SouthState Bank.
Proceeds were used, in part, to refinance the company’s existing debt under its second amended and restated credit agreement entered into with lender Truist Bank on Feb. 8.
The Truist agreement was terminated on Aug. 23. The balance, consisting of a revolving line of credit in a maximum principal amount of $125 million of which approximately $118.5 million was outstanding plus term loans with a total outstanding balance of approximately $45.5 million, was repaid in full. There was no early termination penalty.
Superior is a uniform company based in Seminole, Fla.
© 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.