RONKONKOMA, N.Y., Feb. 25, 2013 /PRNewswire/ -- Lakeland Industries, Inc. (the "Company") (NASDAQ: LAKE), a leading global manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local levels, today announced that its UK subsidiary has closed with HSBC Invoice Finance (UK), Ltd ("HIF"), a £1,000,000 (approximately USD $1,500,000) Accounts Receivable Financing. The use of proceeds is for working capital. The terms allow for borrowing of up to 80% of eligible accounts receivable as defined.
The interest rate charged will be 3.46% over HSBC Bank plc base rate which generally will be 30 day LIBOR.
About Lakeland Industries, Inc.:
Lakeland Industries, Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. The Company's products are sold by a direct sales force and through independent sales representatives to a network of over 1,200 safety and mill supply distributors. These distributors in turn supply end user industrial customers such as chemical/petrochemical, automobile, steel, glass, construction, smelting, janitorial, pharmaceutical and high technology electronics manufacturers, as well as hospitals and laboratories. In addition, Lakeland supplies federal, state, and local government agencies, fire and police departments, airport crash rescue units, the Department of Defense, the Centers for Disease Control and Prevention, and many other federal and state agencies. For more information concerning Lakeland, please
|SOURCE Lakeland Industries, Inc.|
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