SEMINOLE, Fla., Aug. 24, 2022 (GLOBE NEWSWIRE) — Superior Group of Corporations, Inc. (NASDAQ: SGC) at present introduced completion of $200 million in combination senior secured financing commitments (the “Credit score Services”). The Credit score Services have a time period of 5 years and embrace the next:

• $125 million revolving credit score facility (the “Revolver”);
• $75 million time period mortgage; and
• An accordion function for an extra $75 million, topic to sure further situations

The Credit score Services will accrue curiosity at a variable fee equal to the secured in a single day financing fee (“SOFR”) plus an adjustment of between 0.10% and 0.25% (relying on the relevant curiosity interval) plus a margin of between 1.0% and a pair of.0% (relying on the Firm’s web leverage ratio).

The proceeds from the Credit score Services will likely be utilized in half to refinance the Firm’s current indebtedness from prior credit score agreements.

The financings have been led by PNC Capital Markets LLC as Lead Arranger and Sole Bookrunner with, PNC Financial institution, Nationwide Affiliation as Administrative Agent.

“This financing supplies SGC with further monetary flexibility and positions us effectively to fund future development,” mentioned Mike Koempel, Chief Monetary Officer. “We respect the help of PNC Financial institution and the opposite taking part lenders.”

About Superior Group of Corporations, Inc. (SGC):

Superior Group of Corporations™, established in 1920, is a mixture of firms that assist our prospects unlock the ability of their manufacturers by creating extraordinary model engagement experiences for his or her workers and prospects. SGC’s dedication to service, know-how, high quality and value-added advantages, in addition to our monetary energy and assets, supplies unparalleled help for our prospects’ numerous wants whereas embracing a “Buyer 1st, Each Time!” philosophy and tradition in all of our enterprise segments. Go to  www.superiorgroupofcompanies.com  for extra info.

Disclosure Concerning Ahead Wanting Statements

Sure issues mentioned on this press launch are “forward-looking statements” supposed to qualify for the protected harbors from legal responsibility established by the Non-public Securities Litigation Reform Act of 1995. These forward-looking statements can usually be recognized by use of the phrases “could,” “will,” “ought to,” “might,” “count on,” anticipate,” “estimate,” “imagine,” “intend,” “challenge,” “potential,” or “plan” or the unfavorable of those phrases or different variations on these phrases or comparable terminology. Ahead-looking statements on this press launch could embrace, with out limitation: (1) the projected affect of the COVID-19 pandemic on our, our prospects’, and our suppliers’ companies, (2) projections of income, revenue, and different gadgets referring to our monetary place and outcomes of operations, (3) statements of our plans, targets, methods, targets and intentions, (4) statements relating to the capabilities, capacities, market place and anticipated improvement of our enterprise operations, and (5) statements of anticipated trade and common financial traits.

Such forward-looking statements are topic to sure dangers and uncertainties that will materially adversely have an effect on the anticipated outcomes. Such dangers and uncertainties embrace, however should not restricted to, the next: the affect of competitors; the impact of uncertainties associated to the COVID-19 pandemic, together with current and potential future variants, on america of America (“U.S.” or “United States”) and world markets, our enterprise, operations, prospects, suppliers and workers, together with with out limitation the size and scope of restrictions imposed by varied governments and organizations and the success of efforts to ship efficient vaccines on a well timed foundation to numerous individuals ample to stop or considerably decrease the severity of incidents of an infection or variants, amongst different components; our capability to navigate efficiently the challenges posed by present world provide disruptions; common financial situations, together with employment ranges, within the areas of america by which the Firm’s prospects are positioned; adjustments within the healthcare, retail, lodge, meals service, transportation and different industries the place uniforms and repair attire are worn; our capability to establish appropriate acquisition targets, uncover liabilities related to such companies throughout the diligence course of, efficiently combine any acquired companies, or efficiently handle our increasing operations; the worth and availability of cotton and different manufacturing supplies; attracting and retaining senior administration and key personnel; the impact of the Firm’s materials weak spot in inner management over monetary reporting; the Firm’s capability to efficiently remediate its materials weak spot in inner management over monetary reporting and to keep up efficient inner management over monetary reporting; and different components described within the Firm’s filings with the Securities and Change Fee, together with these described within the “Danger Elements” part of our Annual Report on Type 10-Ok for the fiscal 12 months ended December 31, 2021 and the Quarterly Experiences on Type 10-Q for the quarters ended March 31, 2022 and June 30, 2022. Shareholders, potential buyers and different readers are urged to contemplate these components fastidiously in evaluating the forward-looking statements made herein and are cautioned to not place undue reliance on such forward-looking statements. The forward-looking statements made herein are solely made as of the date of this press launch and we disclaim any obligation to publicly replace such forward-looking statements to mirror subsequent occasions or circumstances, besides as could also be required by regulation.

Contact: Investor Relations buyers@superiorgroupofcompanies.com

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