Mace Security International, Inc. Expects to Close Replacement Credit Facility in Early October
September 29, 2023 at 05:15 pm EDT
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Mace Security International, Inc. provided an update with respect to its efforts to close a replacement for its current bank credit agreement scheduled to expire on September 30, 2023. The Company is engaged with a new lender to replace the current bank line of credit. That new lender is completing its due diligence and repayment of the current bank line of credit is being coordinated with the existing lender and is anticipated to occur in early October.
Due diligence took more time than anticipated due to backlog of work at the firms conducting the due diligence on behalf of the new lender and performing the inventory appraisal. The Company's existing lender has provided a fully executed payoff letter that remains in effect through October 4, 2023 and has confirmed it will not be taking action based on the scheduled expiration of the Company's credit agreement without further notice to Mace. The Company continues to diligently pursue closing a replacement credit facility.
Mace Security International, Inc. is a manufacturer and provider of personal safety and security products to consumer and law enforcement markets. It operates in one business segment, the Security Segment, which sells personal safety and security products to retailers, distributors, and individual consumers. The Company also sells tactical spray products and systems to law enforcement, security professionals, correctional institutions, and military markets. It markets products through Vigilant, Tornado, and Takedown brands. It directly distributes and supports its branded products through customer channels that include selected retailers, wholesale distributors, independent dealers, e-commerce channels, and its Website, www.mace.com. The Company's product categories include gift cards, pepper gel, pepper gun, pepper spray, personal alarm, vehicle parks and accessories, dorm room safety kits and stun guns.
MACE SECURITY INTERNATIONAL, INC. 
