Remington Completes Asset Based Revolving Credit Facility (8/24)
Remington Products Company, L.L.C. announced today that it has entered into a new $110 million asset based revolving credit facility with Fleet Capital Corporation, as Administrative Agent, and Congress Financial Corporation, as Co-arranger. The initial drawdown under this new facility was used to repay all outstanding borrowings under the Company's former $70 million senior credit facility. The new facility, which will mature on March 31, 2006, will also be used to fund the Company's working capital needs and for general corporate purposes.
Neil P. DeFeo, President and Chief Executive Officer, said: "we are pleased to have Fleet Capital and Congress as our partners on our new credit facility. The additional capital will be instrumental in funding Remington's future growth."
Remington Products Company, L.L.C., is a leading consumer products company focusing on the development and marketing of personal care products. The Company designs and distributes electric shavers and accessories, grooming products, hair care appliances, wellness products, and other small electric consumer appliances. The Company's headquarters are located at 60 Main Street, Bridgeport, Connecticut.