CCA Industries, Inc. Enters into $5,000,000 Credit Facility
February 09, 2021 at 04:05 pm EST
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CCA Industries, Inc. announced that it has entered into a new credit facility with M&T Bank, on January 21, 2021 to replace the line of credit with PNC Bank and for general working capital purposes. The credit facility provides a term loan in an amount of $500,000 (the "Term Loan") and a revolving loan up to a maximum of $4,500,000 (the "Revolving Loan" and together with the Term Loan, the "Loans"). The Term Loan is payable in thirty-six consecutive monthly installments of $14,651, including principal and interest, commencing March 2021. The Term Loan bears interest at the rate of 3.50% per annum and has a term of three years. All outstanding amounts under the Revolving Loan bear interest, at the election of the Company, at either the M&T prime rate plus 2.0% or the 30-day LIBOR rate plus 2.75%, payable monthly in arrears. The Revolving Loan is subject to annual renewal. The Loans and all other amounts due and owing under the Credit Agreement and related documents are secured by a first priority perfected security interest in, and lien on, substantially all of the assets of the Company.
CCA Industries, Inc. manufactures and distributes health and beauty aid products. The Company conducts business as Core Care America. The Company offers skin care, oral care, brain health supplements, and beauty products sold in mass markets, chain drug, food and online through amazon.com and walmart.com. The Companyâs products include Plus White toothpastes and teeth whiteners, Bikini Zone medicated topical and shave gels, Nutra Nail nail care treatments, Porcelana skin care products, Scar Zone scar treatment products, Sudden Change anti-aging skin care products, Hair Off depilatory products, Solar Sense sun care products and Neutein brain health supplements. Its other products include Bikini Zone Creme Hair Remover, Bikini Zone Exfoliating Gel, Hair Off Hair Removal Mitten, Hair Off Facial Wax Strips, Lobe Miracle Ear Lobe Support Patches, Nutra Nail Bullet-Proof Strength, Nutra Nail Speed Dry Topcoat, Sudden Change Green Tea Facial Mask, and Sudden Change Beauty Box, among others.