Lifetime Brands Expands and Improves Credit Facility
WESTBURY, N.Y.--(BUSINESS WIRE)--Nov. 2, 2006--Lifetime Brands, Inc. (Nasdaq:LCUT), a leading designer, developer and marketer of nationally branded consumer products used in the home, announced that it has amended its $100 million Senior Secured Credit Facility, increasing the facility to $150 million and extending its maturity to April 2011. The Company's amended facility, which has an "accordion" feature that allows it to be further increased to $200 million, also has fewer and less restrictive covenants and more favorable pricing.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "Our amended credit facility reflects the increased size and strength of our Company. The additional borrowing capacity, more favorable terms and increased financial flexibility will help us execute Lifetime's growth strategies and pursue new opportunities to drive shareholder value."
Lifetime is a leading designer, developer and marketer of kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware & spices, tabletop, home decor, picture frames and bath accessories, marketing its products under various trade names, including Farberware(R), KitchenAid(R), Pfaltzgraff(R), Calvin Klein(R), Cuisinart(R), Hoffritz(R), Sabatier(R), Nautica(R), Joseph Abboud Environments(R), Roshco(R), Baker's Advantage(R), Kamenstein(R), CasaModa(TM), :USE(R), Pedrini(R), International Silver(R), Towle(R), Tuttle(R), Wallace(R), Melannco(R), Rochard(R) and Kenneth Cole Reaction(R). Lifetime's products are distributed through almost every major retailer in the United States.
The information herein contains certain forward-looking statements including statements concerning the Company's future prospects. These statements involve risks and uncertainties, including risks relating to general economic conditions and risks relating to the Company's operations, such as the risk of loss of major customers and risks relating to changes in demand for the Company's products, as detailed from time to time in the Company's filings with the Securities and Exchange Commission.
CONTACT: Lifetime Brands, Inc.
Chief Financial Officer
Robert McNally, 516-683-6000
or
Investor Relations
Lippert/Heilshorn & Associates
Harriet Fried, 212-838-3777
SOURCE: Lifetime Brands, Inc.