INTERNET (esecurities.W) April 20, 1999 - "Riddell Signs Agreement for New $48 Million Credit Facility"
NEW YORK, April 20 /PRNewswire/ -- Riddell Sports Inc. (Amex: RDL - news) today announced that it had entered into a new credit facility, maturing in December 2002, which provides for seasonal borrowings under a revolving line of credit of up to $48 million depending on certain levels of receivables and inventories. The new facility, from Bank of America National Trust and Savings Association, replaces the Company's $35 million credit facility from Bank of America and the National Bank of Detroit.
Mr. David Mauer, President & CEO of Riddell, said, ''Riddell's new license for UMBRO-branded soccer apparel, footwear and equipment, along with the expectation of continued growth in our historical lines of business, prompted us to review our working capital requirements. We are confident that this new, larger facility from Bank of America will meet our current needs, and we appreciate the support that they have given to us.''
Riddell Sports Inc. provides institutional sporting goods and school spirit products and services to educational and recreational organizations through its national, direct sales force. The Company is the world's leading manufacturer and reconditioner of football protective equipment and the nation's leading supplier of products and services to the school spirit industry. The Company's consumer products group markets miniature and full- size helmets for collectors and licenses the Riddell and MacGregor trademarks for use on athletic footwear and apparel..."
SOURCE: © 1999 Tuesday April 20, 4:16 pm Eastern Time Company Press Release
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