Phoenix Footwear Secures $4.5 Million Credit Revolver
December 7, 2009 (FinancialWire) — Phoenix Footwear Group, Inc. (AMEX: PXG) said it has entered into a new two year, secured revolving credit facility with First Community Financial, a division of Pacific Western Bank.
The facility replaces the company’s previous credit facility with Wells Fargo Business Credit 9NYSE: WFC). The new credit facility provides for a line of credit up to $4.5 million, subject to a borrowing base limit, and as of December 4, 2009, has $2.0 million in borrowings, net of cash, outstanding under the new facility.
Borrowings under the new credit facility bear interest at an annual rate of prime plus 2.75%, subject to a minimum of 6%. Additionally, the there is a minimum monthly interest charge of $10,000 for the first year of the facility and $5,000 for the following year. The new credit facility is secured by liens on certain personal property of the company and its subsidiaries.
Carlsbad, California-based Phoenix Footwear Group designs, develops and markets men’s and women’s footwear and accessories. The company’s brands are primarily sold through department stores, specialty retailers, mass merchants and catalogs.
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