Acme United Corporation Announces $50 Million Bank Facility
May 06 2016 - 1:53PM
Business Wire
Acme United Corporation (NYSE MKT:ACU) today announced a new $50
million loan facility with HSBC Bank, N.A.
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.
Walter C. Johnsen, Chairman and CEO 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 CORPORATION 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® . For more
information, visit www.acmeunited.com
Forward-looking statements in this report, including without
limitation, statements related to the Company’s plans, strategies,
objectives, expectations, intentions and adequacy of resources, are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that such forward-looking statements involve risks and
uncertainties including, without limitation, the following: (i)
changes in the Company’s plans, strategies, objectives,
expectations and intentions, which may be made at any time at the
discretion of the Company; (ii) the impact of uncertainties in
global economic conditions, including the impact on the Company’s
suppliers and customers (iii) changes in client needs and consumer
spending habits; (iv) the impact of competition and technological
changes on the company (v) the Company’s ability to manage its
growth effectively, including its ability to successfully integrate
any business it might acquire; (vi) currency fluctuations; and
(vii) other risks and uncertainties indicated from time to time in
the Company’s filings with the Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20160506005765/en/
Acme United CorporationPaul G. Driscoll, 203-254-6060FAX:
203-254-6521
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