USA: RG Barry Secures $35m Lending Deal
Comfort footwear company RG Barry Corporation has entered into a new $35 million committed asset-based lending agreement with CIT Commercial Services, a unit of CIT Group Inc.
The two-year facility replaces a discretionary factoring and financing arrangement with CIT that was scheduled to expire in March 2007.
Thomas Von Lehman, RG Barry Corporation president and chief executive officer, said that the company believed its previous facility to be "a critical component" of its turnaround strategy by supplying the liquidity and flexibility needed to implement its new business model in 2004.
The company's obligations under the ABL facility are secured by a first priority lien and mortgage on substantially all of its assets, including accounts receivable, inventory, intangibles, equipment, intellectual property and real estate.
RG Barry Corporation develop and markets comfort footwear for around the home, including the Dearfoams and EZfeet ranges.
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