Castle Brands repays $20 million 11% subordinated notes

By Sarah Lizee

Olympia, Wash., July 18 – Castle Brands Inc. repaid and retired its $20 million 11% subordinated notes as part of its recapitalization, according to a press release.

The company said its primary lender agreed to increase its revolving credit facility to $60 million and extend it to July 2023.

Castle Brands said the weighted average cost of debt for the company was reduced by about 350 basis points following the transactions.

New York-based Castle Brands markets brands of alcohol.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.