Mace Security International : Extends its Revolving Credit Agreement
August 01, 2022 at 10:25 am
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Mace Security International, Inc. Extends its Revolving Credit AgreementPress Release | 08/01/2022
CLEVELAND, OH / ACCESSWIRE / August 1, 2022 / Mace® Security International, Inc. (OTCQX:MACE), a globally recognized leader in personal safety products, announces that it has extended its Revolving Line of Credit with Fifth Third Bank National Association ("the Credit Agreement") effective July 29, 2022. The Credit Agreement is secured by substantially all Company assets and matures on May 30, 2023. The Credit Agreement provides for monthly interest payments at a floating rate per annum equal to the SOFR plus 2.00% through and including November 30, 2022 and 2.50% from and after December 1, 2022.
Sanjay Singh, Chairman and CEO commented "The early extension of an additional six months to its existing line of credit aids the value maximization being pursued by Mace's board of directors. This extension provides working capital for the various revenue generating opportunities that the company is pursuing in the back half of 2022 and first half of 2023".
About Mace® Security International, Inc.:
Mace® Security International, Inc. (MACE) is a globally recognized leader in personal safety and security. Based in Cleveland, Ohio, the company has spent more than 40 years designing and manufacturing consumer and tactical products for personal defense and security under its world-renowned Mace® Brand - the original trusted brand of defense spray products. The company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® Take Down® brand, KUROS!® Brand personal safety products, Vigilant® Brand alarms, and Tornado® Brand pepper spray and stun guns. MACE® distributes and supports Mace® Brand products through mass market retailers, wholesale distributors, independent dealers, Amazon.com, Mace.com, and other channels. For more information, visit www.mace.com.
Contact:
Mark O'Conner
Corporate Controller
Mo'conner@mace.com
SOURCE: Mace Security International, Inc.
View source version on accesswire.com:
https://www.accesswire.com/710375/Mace-Security-International-Inc-Extends-its-Revolving-Credit-Agreement
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Mace Security International Inc. published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 14:24:03 UTC.
Mace Security International, Inc. is a manufacturer and provider of personal safety and security products to consumer and law enforcement markets. It operates in one business segment, the Security Segment, which sells personal safety and security products to retailers, distributors, and individual consumers. The Company also sells tactical spray products and systems to law enforcement, security professionals, correctional institutions, and military markets. It markets products through Vigilant, Tornado, and Takedown brands. It directly distributes and supports its branded products through customer channels that include selected retailers, wholesale distributors, independent dealers, e-commerce channels, and its Website, www.mace.com. The Company's product categories include gift cards, pepper gel, pepper gun, pepper spray, personal alarm, vehicle parks and accessories, dorm room safety kits and stun guns.