Delta Apparel downsizes revolver to $150 million

By William Gullotti

Buffalo, N.Y., Dec. 11 – Delta Apparel, Inc. and subsidiaries M.J. Soffe, LLC, Culver City Clothing Co., Salt Life, LLC and DTG2Go, LLC entered into a 12th amendment to the fifth amended and restated loan and security agreement dated May 27, 2011 with Wells Fargo Bank, NA on Dec. 5, according to an 8-K filing with the Securities and Exchange Commission.

The longstanding, heavily amended revolver was downsized to $150 million from $175 million. The facility’s swingline sublimit was similarly trimmed to $15 million from $17 million.

The terms and calculations of the facility’s availability block were also amended, pertaining to the consummation of certain real estate transactions.

Facility borrowings bear interest at SOFR plus a margin that ranges between 150 basis points and 350 bps, depending on the unused portion of the revolver and the timing of increased and/or supplemental interest periods.

Greenville, S.C.-based Delta Apparel designs, markets and manufactures activewear apparel and headwear.

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