Business
Lakeland Industries Significantly Strengthens its Financial Position by Doubling the Size of its Credit Facility with Bank of America
DECATUR, AL / ACCESSWIRE / June 29, 2021 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of protective
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"DECATUR, AL / ACCESSWIRE / June 29, 2021 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced that it has significantly expanded its credit facility with Bank of America in support of its capital allocation strategy focused on inorganic corporate developments and other growth initiatives. The amendment to the Company's senior secured revolving credit facility increases the amount of potential borrowings from $12.5 million to $25.0 million. With cash of $60.3 million at April 30, 2021, the Company has not drawn down on the credit facility and continues to have no debt.Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries, stated, \"We appreciate the continued support of Bank of America which has demonstrated its confidence in our global growth strategy by significantly increasing our credit facility. The amended credit facility provides for $15 million to be allocated toward acquisitions. Together with our substantial cash position in excess of $60 million and increasing, we are well equipped to put into action our capital allocation strategy. This plan includes organic and inorganic growth initiatives as well as other efforts to expand our global enterprise and further drive shareholder returns, including our stock buyback program.\"The amended facility announced today provides improved terms under which borrowings may be used toward acquisitions by the Company or its subsidiaries. Terms of the amended facility are more completely discussed in the Company's Form 8-K filed with the Securities and Exchange Commission.About Lakeland Industries, Inc.:We manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manuf...