SPAR Group Increases its Credit Facility
AUBURN HILLS, Mich., May 04, 2021 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (NASDAQ: SGRP), a leading global provider of merchandising and marketing services, announced that it has increased and
extended the terms of its current line of credit. Under the more favorable terms of the amendment, the maximum amount of the line of credit increased by $2 million to $18 million and the length of
the term was extended by 18 months to October 2023. In addition, the minimum interest rate decreased by 150 basis points to 5.25% and facility and early termination fees were substantially
“We were able to increase the commitment amount while gaining more favorable terms and conditions, which will result in more than a 20% reduction in the interest rate, provide increased financial capacity and greater flexibility to support our growth initiatives,” stated Mike Matacunas, President and Chief Executive Officer. “We highly value the partnership with our lenders and appreciate their continued support of our business and strategy. Their continued confidence is a testament to the strength of our balance sheet and cash flow generation.”
About SPAR Group
SPAR Group is a leading global merchandising and marketing services company, providing a broad range of services to retailers, manufacturers and distributors around the world. With more than 40+ years of experience, 20,000+ merchandising specialists around the world, an average 200,000+ store visits a week and long-term relationships with some of the world’s leading manufacturers and retail businesses, we provide specialized capabilities across more than 10 countries. Our unique combination of scale, merchandising and marketing expertise and unwavering commitment to excellence, separate us from the competition.
For more information, please visit the SPAR Group's website at http://www.sparinc.com.
This Press Release contains "forward-looking statements" made by SPAR Group, Inc. ("SGRP", and together with its subsidiaries, the "SPAR Group" or the "Company"), filed with SEC in a Current Report on Form 10-K by SGRP, contained in SGRP's Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report"), and SGRP's definitive Proxy Statement respecting its Annual Meeting of Stockholders to be held on June 2, 2021 (the "Proxy Statement"), which SGRP plans to file with the SEC on or around May 7, 2021, and SGRP's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports and statements as and when filed with the SEC (including the Annual Report and the Proxy Statement, each a "SEC Report"). "Forward-looking statements" are defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and other applicable federal and state securities laws, rules and regulations, as amended (together with the Securities Act and Exchange Act, collectively, "Securities Laws").