Delta Apparel gets $100 million amended and restated credit facility

By Sara Rosenberg

New York, Sept. 25 - Delta Apparel, Inc. closed on a $100 million five-year amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Wachovia is the agent on the deal, which was completed on Sept. 21.

Pricing on the loan is Libor plus 175 basis points.

There is a $10 million accordion feature.

The facility includes a fixed-charge coverage ratio of no less than 1.10 to 1.0.

Security is a first-priority lien on substantial all of the real and personal property of the company and its wholly owned subsidiaries.

Proceeds were used to refinance the company's existing credit facility and are available for general operating, working capital and other corporate purposes.

Delta Apparel is a Duluth, Ga.-based marketer, designer, manufacturer and distributor of branded and private-label apparel.

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