Everlast accomplishes redemptions & prepayment of Series A Preferred Stock
08 Feb '06
3 min read
Seth Horowitz, Chairman and CEO, said, "The strategic initiatives we have undertaken since 2004 have allowed us to refinance our debt and capital structure with a Term Facility under favorable terms, which is extremely accretive to the company and our common shareholders."
Gary Dailey, Chief Financial Officer added, "The announcement is an important development for our company. The closing of this four-year Term Facility achieves one of the company's financial objectives by simplifying its previously complex capital structure and providing an immediate benefit to existing common shareholders with a gain on the extinguishment of the Series A Preferred Stock and notes payable in the aggregate of $2.0 million, or $0.53 per diluted share.”
Thomas Pizzo, President and CEO of Wells Fargo Century commented, "We are very pleased to provide this additional financing to Everlast. Every client is different, and each situation is unique. We took an entrepreneurial view of Everlast's opportunities and structured an appropriate solution."
Everlast Worldwide Inc manufactures markets and licenses sporting goods and apparel products under the Everlast brand name. Since 1910, Everlast has been the preeminent brand in the world of boxing and is among the most dominant brands in the overall sporting goods and apparel industries.
Over the past 96 years, Everlast products have become the 'Choice of Champions(TM)', having been used for training and professional fights by many of the biggest names in the sport. It is the market leader in nearly all of its product categories, responsible for leading eight of the top ten boxing equipment products in sales.
marketing@alchempro.com
