R.G. Barry Corporation, the Dearfoams company reported it has entered into a new 3-year unsecured revolving credit facility with The Huntington National Bank of Columbus.
The new facility replaces an asset-based secured lending agreement with the commercial services unit of CIT Group Inc. that expired March 31. The new loan agreement provides a first-year maximum of $20.0 million in unsecured revolving credit, which is reduced to $16.0 million and $12.0 million in the second and third years, respectively.
“This credit facility is a reflection of our growing financial strength and of our evolving business needs,” said Greg Tunney, R.G. Barry Corporation President and Chief Executive Officer.
“We appreciate the fact that Huntington National Bank has developed an attractive, cost-effective financial package that not only addresses our short-term working capital needs, but also positions it as a participant in our future growth strategies.”
“At Huntington we are delighted to expand our longstanding relationship with R.G. Barry,” said James Kunk, Huntington's Central Ohio President.
“This agreement is a reflection of the financial strength of R. G. Barry, as well as Huntington's commitment of developing partnerships with our customers to meet both their current needs and to provide them resources to help drive future growth.”
“Our previous lender, CIT Commercial Services, has been a great financial partner,” said Daniel D. Viren, R.G. Barry Corporation Senior Vice President Finance and Chief Financial Officer. “They provided us with the necessary liquidity and critical flexibility to implement dramatic business changes very quickly, and we thank them for their support.”
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