Protective garment maker Lakeland Industries Inc., of Ronkonkoma, plans to expand its operations and marketing in major South American nations and Mexico using a new $6.5 million secured revolving line of credit with TD Bank N.A.
The new line of credit, combined with a previous $23.6 million line from the same bank, "provides Lakeland with a favorable increase in its terms that allows up to $6.5 million to be used to fund capital expansion in Brazil, Mexico, and Argentina, as well as the ability to refinance existing debt in Canada," the company said in a Thursday news release.
Lakeland's borrowings from the line will be in the form of a five-year term loan, and the company will have the option of converting such term loans to a fixed rate of interest.
The term of the entire line of credit ends June 30, 2014, "providing an extension of 17 months for the previously established facility of $23.5 million, which had remaining availability of $7.3 million as of April 30, 2011," Lakeland said.
"This new line of credit gives us improved flexibility and an enhanced capability to accelerate our growth strategy in select foreign operations," Lakeland chief executive Christopher J. Ryan said in the news release.
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