SUPERIOR GROUP OF COMPANIES EXPANDS ITS FINANCIAL FLEXIBILITY WITH NEW CREDIT FACILITIES
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SEMINOLE, Fla., Aug. 24, 2022 (GLOBE NEWSWIRE) — Superior Group of Companies, Inc. (NASDAQ: SGC) today announced the completion of an aggregate of $200 million of senior secured financing commitments (the “Credit Facilities”). The credit facilities have a term of five years and include the following:
- $125 million Revolving Credit Facility (the “Revolver”);
- $75 million term loan; and
- An accordion feature for an additional $75 million, subject to certain additional conditions
The credit facilities will bear interest at a floating rate equal to the guaranteed overnight funding rate (“SOFR”) plus an adjustment of between 0.10% and 0.25% (depending on the applicable interest period) plus a margin between 1.0% and 2.0%. (based on the net leverage ratio of the Company).
The proceeds from the credit facilities will be used in part to refinance the Company’s existing debt arising from previous credit agreements.
The financings were led by PNC Capital Markets LLC as lead arranger and sole bookrunner with PNC Bank, National Association as administrative agent.
“This financing provides SGC with additional financial flexibility and positions us well to fund future growth,” said Mike Koempel, Chief Financial Officer. “We appreciate the support from PNC Bank and other participating lenders.”
About Superior Group of Companies, Inc. (SGC):Superior Group of Companies™, established in 1920, is a combination of companies that help our clients unleash the power of their brands by creating extraordinary brand engagement experiences for their employees and customers. SGC’s commitment to service, technology, quality, and value-added benefits, along with our financial strength and resources, provides unparalleled support for our customers’ diverse needs while taking a “Customer Driven” approach. first, every time!” philosophy and culture in all our business sectors. Visit www.superiorgroupofcompanies.com for more information.
Disclosure Regarding Forward-Looking Statements
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors of liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by the use of the words “may”, “will”, “should”, “could”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, “potential” or “plan” or the negative of these words or other variations of these words or comparable terminology. Forward-looking statements in this press release may include, without limitation: (1) the expected impact of the COVID-19 pandemic on our businesses, those of our customers and our suppliers, (2) projections of revenues, revenues and other items related to our financial condition and results of operations, (3 ) statements of our plans, objectives, strategies ies, goals and intentions, (4) statements regarding capabilities, capabilities, market position, and expected development of our business activities, and (5) statements regarding expected industry and market trends. ‘general economy.
These forward-looking statements are subject to certain risks and uncertainties that could materially adversely affect expected results. These risks and uncertainties include, but are not limited to, the following: the impact of competition; the effect of uncertainties related to the COVID-19 pandemic, including existing and possible future variations, on the United States of America (“United States” or “US”) and global markets, our business, operations, customers, suppliers and employees, including, without limitation, the duration and scope of restrictions imposed by various governments and organizations and the success of efforts to provide effective vaccines in a timely manner to a sufficient number of people to prevent or significantly reduce the severity of incidents of infection or variants, among other factors; our ability to successfully weather the challenges posed by the current global supply disruptions; general economic conditions, including employment levels, in the regions of the United States where the Company’s customers are located; changes in the healthcare, retail, hotel, restaurant, transportation and other industries where service uniforms and apparel are worn; our ability to identify suitable acquisition targets, uncover the liabilities associated with such businesses during the due diligence process, successfully integrate any acquired businesses or successfully manage our expanding operations; the price and availability of cotton and other manufacturing materials; attract and retain senior management and key personnel; the effect of the Company’s material weakness in internal control over financial reporting; the Company’s ability to successfully remedy its material weakness in internal control over financial reporting and to maintain effective internal control over financial reporting; and other factors described in the Company’s filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31. 2021 and quarterly reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022. Shareholders, potential investors and other readers are urged to carefully consider these factors when evaluating forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. – look at the statements. The forward-looking statements made herein speak only as of the date of this press release, and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as required by law.
Contact: Investor Relations [email protected]
Source: Superior Group of Companies