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The Singing Machine Company Announces New $12.5 Million Bank Credit Facility.

Publication: Business Wire
Publication Date: 21-AUG-03
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Business Editors

COCONUT CREEK, Fla.--(BUSINESS WIRE)--Aug. 21, 2003

The Singing Machine Company (AMEX:SMD) announced today that it has established a new $12.5 million credit facility with its current lender, LaSalle Business Credit, Chicago. The new facility replaces the company's existing facility with LaSalle and extends through March 31, 2004.

This new bank credit facility is in addition to the $2.0 million in subordinated debt financing the Company completed earlier this month.

"We want to thank LaSalle and...

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