Wachovia to provide new revolving credit line facility to Lakeland Industries
12 Jul '05
3 min read
Industrial and consumer safety clothing maker Lakeland Industries Inc announced that it has closed on a $25 Million Secured Revolving Line of Credit for a term of five years with Wachovia Bank, N.A.
The new Revolving Line of Credit provides Lakeland reduced annual fees, a lower interest rate, and greater flexibility than the previous Line of Credit.
In addition, subject to certain constraints, the new Revolving Line of Credit allows for advances for "permitted acquisitions" of up to $8 million or $15 million in the aggregate without bank approval if Lakeland remains in compliance with all provisions.
In connection with the new Line of Credit, Lakeland will move its primary banking arrangements to Wachovia.
"This new Line of Credit gives us greater resources and greater flexibility which aligns closely with our growth strategies," said Christopher J. Ryan, CEO of Lakeland. "Wachovia's extensive experience as a lender and their banking systems will be great assets for our business," Mr. Ryan added.
"At Wachovia, they are committed to working closely with our clients to understand their business so that we can develop customized financial solutions," said Joe Pollicino, Wachovia's Commercial Banking Director for New York City and Long Island. "They are excited to partner with Lakeland Industries, and to help this company achieve their strategic growth objectives today and for years to come."
One of the largest financialservice source Wachovia Corporation is providing financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide.
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