Acme United Corporation Announces Increased and Extended Bank Facility
31 Mai 2022 - 11:12PM
Acme United Corporation (NYSE MKT:ACU) today announced the renewal
and increase of its loan facility with HSBC Bank, N.A.
The agreement provides for borrowings up to $65
million (an increase of $15 million) at an interest rate of SOFR
plus 1.75% and expires on May 31, 2026. The terms of the credit
facility (including the effective interest rate) otherwise are
materially unchanged. The facility is intended to provide liquidity
for growth, share repurchases, dividends, acquisitions, and other
business activities.
As of March 31, 2022, the Company had outstanding
borrowings of $40.2 million under the revolving loan agreement with
HSBC.
Walter C. Johnsen, Chairman and CEO said, “We are
very pleased to have extended and increased our credit facility
with HSBC. The Company continues to see many growth opportunities,
and this facility better positions us to execute on those
opportunities. We thank HSBC for their support and commitment to
our business.”
About Acme United ACME
UNITED CORPORATION is a leading worldwide supplier of
innovative safety solutions and cutting technology to the school,
home, office, hardware, sporting goods and industrial markets. Its
leading brands include First Aid Only®, First Aid Central®,
PhysiciansCare®, Pac-Kit®, Spill Magic®, Westcott®, Clauss®,
Camillus®, Cuda®, DMT®, and Med-Nap. For more information, visit
www.acmeunited.com.
Forward Looking Statements The
Company may from time to time make written or oral “forward-looking
statements” including statements contained in this report and in
other communications by the Company, which are made in good faith
pursuant to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are based on our
beliefs as well as assumptions made by and information currently
available to us. When used in this document, words like “may,”
“might,” “will,” “except,” “anticipate,” “believe,” “potential,”
and similar expressions are intended to identify forward-looking
statements. Actual results could differ materially from our current
expectations.
Forward-looking statements in this report,
including without limitation, statements related to the Company’s
plans, strategies, objectives, expectations, intentions and
adequacy of resources, are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements
involve risks and uncertainties that may impact the Company’s
business, operations and financial results, including those risks
and uncertainties resulting from the global COVID-19 pandemic,
future waves of COVID-19, including through the Delta and Omicron
variants and any new variant strains of the underlying virus; any
future pandemics; the continuing effectiveness, global
availability, and public acceptance of existing vaccines; the
effectiveness, availability, and public acceptance of vaccines
against variant strains of potential new viruses; and the
heightened impact the pandemic has on many of the risks described
herein, including, without limitation, risks relating to
disruptions in our supply chain, and labor shortages, any of which
could materially adversely impact the Company’s ability to
manufacture, source or distribute its products, both domestically
and internationally.
These risks and uncertainties further include,
without limitation, the following: (i) changes in the Company’s
plans, strategies, objectives, expectations and intentions, which
may be made at any time at the discretion of the Company; (ii) the
impact of uncertainties in global economic conditions, whether
caused by COVID-19 or otherwise, including the impact on the
Company’s suppliers and customers; (iii) additional disruptions in
the Company’s supply chains, whether caused by COVID-19 or
otherwise; (iv) labor shortages and related costs the Company has
and may continue to incur, including costs of acquiring and
training new employees and rising wages and benefits; (v) the
continuing adverse impact of cost inflation; (vi) the Company’s
ability to effectively manage its inventory in a rapidly changing
business environment, including the additional inventory the
Company acquired in anticipation of supply chain disruptions and
uncertainties; (vii) changes in client needs and consumer spending
habits; (viii) the impact of competition; (ix) the impact of
technological changes including, specifically, the growth of online
marketing and sales activity; (x) the Company’s ability to manage
its growth effectively, including its ability to successfully
integrate any business it might acquire; (xi) currency
fluctuations; (xii) international trade policies and their impact
on demand for our products and our competitive position, including
the imposition of new tariffs or changes in existing tariff rates;
and (xiii) other risks and uncertainties indicated from time to
time in the Company’s filings with the Securities and Exchange
Commission.
CONTACT:
Paul G. DriscollAcme United Corporation1 Waterview
DriveShelton, CT 06484 Phone: (203) 254-6060FAX: (203) 254-6521
Acme United (AMEX:ACU)
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