CCA Industries, Inc. Enters into Waiver and Amendment No. 1 to Revolving Credit, Term Loan and Security Agreement with PNC Bank
October 22, 2018 at 09:21 pm
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On October 19, 2018, CCA Industries, Inc. entered into the Waiver and Amendment No. 1 to Revolving Credit, Term Loan and Security Agreement with PNC Bank, National Association, as administrative agent and lender, with respect to the Company’s existing Revolving Credit, Term Loan and Security Agreement, dated as of February 5, 2018 (the “Loan Agreement”). The Loan Agreement contains a covenant requiring the Company to maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 as of the end of each fiscal quarter which is measured on a rolling four quarter basis. The Waiver and Amendment waived the event of default (previously reported in the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 16, 2018) that arose with respect to this covenant for the period ended August 31, 2018. In addition, the Waiver and Amendment amended the Loan Agreement to reset the commencement date of the fixed charge coverage ratio covenant to begin with the fiscal quarter ending November 30, 2018. For the quarter ending November 30, 2018, the covenant will be tested only for the fiscal quarter then ending; for the quarter ending February 28, 2019, the covenant will be tested for the two fiscal quarter period then ending; and for the quarter ending May 31, 2019, the covenant will be tested for the three fiscal quarter period then ending. Thereafter, the covenant will be tested on a rolling four quarter basis.
CCA Industries, Inc. manufactures and distributes health and beauty aid products. The Company conducts business as Core Care America. The Company offers skin care, oral care, brain health supplements, and beauty products sold in mass markets, chain drug, food and online through amazon.com and walmart.com. The Companyâs products include Plus White toothpastes and teeth whiteners, Bikini Zone medicated topical and shave gels, Nutra Nail nail care treatments, Porcelana skin care products, Scar Zone scar treatment products, Sudden Change anti-aging skin care products, Hair Off depilatory products, Solar Sense sun care products and Neutein brain health supplements. Its other products include Bikini Zone Creme Hair Remover, Bikini Zone Exfoliating Gel, Hair Off Hair Removal Mitten, Hair Off Facial Wax Strips, Lobe Miracle Ear Lobe Support Patches, Nutra Nail Bullet-Proof Strength, Nutra Nail Speed Dry Topcoat, Sudden Change Green Tea Facial Mask, and Sudden Change Beauty Box, among others.