Mace Security International, Inc. Extends its Revolving Credit Agreement

Rhea-AI Summary

Mace Security International, Inc. (OTCQX:MACE) announced the extension of its Revolving Line of Credit with Fifth Third Bank, effective July 29, 2022. This Credit Agreement, secured by the company's assets, matures on May 30, 2023. It entails monthly interest payments based on SOFR plus 2.00% until November 30, 2022, increasing to 2.50% thereafter. CEO Sanjay Singh emphasized that this extension supports Mace's revenue-generating strategies for the latter half of 2022 and into early 2023.

Positive

• Extension of line of credit provides additional working capital.
• Credit Agreement allows the company to pursue revenue-generating opportunities.

Negative

• Credit Agreement is secured by substantially all company assets.

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

FAQ

What is the significance of MACE's Revolving Line of Credit extension?

The extension provides MACE with working capital to pursue revenue opportunities.

When does MACE's Revolving Line of Credit mature?

The Revolving Line of Credit matures on May 30, 2023.

What are the interest rates associated with MACE's Credit Agreement?

Interest payments are based on SOFR plus 2.00% until November 30, 2022, then increasing to 2.50%.

Who commented on the Credit Agreement extension for MACE?

Sanjay Singh, Chairman and CEO, commented on the extension, emphasizing its strategic importance.

What is the purpose of the working capital obtained through the Credit Agreement?

The working capital aims to support various revenue-generating opportunities for MACE.