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Knitting / Apparel

Signa Apparel Announces New Credit Facility

Signal Apparel Co. Inc., New York, recently announced it had completed a new financing agreement with BNY Financial Corp.The agreement provides Signal with a combined facility up to $98 million, including a long-term own of $50 million (based in part on collateral pledged by Signals principal shareholder group) and a revolving credit line up to $48 million. The revolving credit line may be increased, subject to the lenders approval, up to $65 million at the election of the company and is subject to continued compliance with the terms of the original facility.As part of the financing agreement, BNY will provide up to $17 million of unsecured financing to Signal. In consideration for the unsecured portion of the credit facility, Signal will issue 1,791,667 shares of Signal Apparel common stock and warrants to purchase 375,000 shares of common stock priced at $1.75 per share.

June 1999