Mace Security International, Inc. Renews Its Revolving Credit Agreement

Rhea-AI Summary

Mace Security International, Inc. (MACE) has renewed its Revolving Line of Credit with Fifth Third Bank, now totaling $3.0 million, an increase of $1 million. This Credit Agreement, effective December 1, 2021, is secured by company assets and matures on November 30, 2022. Interest will be paid monthly at a rate of SOFR plus 2%, with a minimum of 2.5%. CEO Gary Medved expressed satisfaction with the partnership, highlighting that the increased resources will support the company's growth.

Positive

• Increased Revolving Line of Credit to $3.0 million supports financial growth.
• Secured by company assets, enhancing financial stability.

Negative

• Principal on the credit line is due at maturity, which could impose financial pressure.

CLEVELAND, OH / ACCESSWIRE / December 1, 2021 / Mace® Security International, Inc. (OTCQX:MACE), a globally recognized leader in personal safety products, announces that it has renewed its Revolving Line of Credit with Fifth Third Bank National Association ("the Credit Agreement") effective December 1, 2021, and increased the amount to $3.0 million (a $1MM increase). The Credit Agreement is secured by substantially all Company assets and matures on November 30, 2022. The Credit Agreement provides for monthly interest payments at a rate equal to SOFR plus 2%, with a minimum interest rate of 2.5%. Principal is due at maturity.

Gary Medved, President and CEO commented "We are pleased to continue our partnership with Fifth Third Bank, a substantial provider of financing to companies in NE Ohio, and one of the largest national lenders. The increased amount of the Credit Agreement will ensure that Mace has the financial resources to continue growing the Company. We look forward to our continued partnership with Fifth Third Bank".

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:
Mike Weisbarth
Chief Financial Officer
mweisbarth@mace.com

SOURCE: MACE SECURITY INTERNATIONAL INC

View source version on accesswire.com:
https://www.accesswire.com/675639/Mace-Security-International-Inc-Renews-Its-Revolving-Credit-Agreement

FAQ

What is the amount of MACE's renewed credit line with Fifth Third Bank?

MACE has renewed its credit line to $3.0 million.

When does MACE's Credit Agreement with Fifth Third Bank mature?

The Credit Agreement matures on November 30, 2022.

What interest rate is associated with MACE's Revolving Line of Credit?

The interest rate is SOFR plus 2%, with a minimum of 2.5%.

Who is the CEO of Mace Security International, Inc.?

The CEO is Gary Medved.

What does MACE do?

MACE is a leader in personal safety products, specializing in defense sprays and tactical products.