{"id":369881,"date":"2026-08-13T00:34:09","date_gmt":"2026-08-13T00:34:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/369881\/"},"modified":"2026-08-13T00:34:09","modified_gmt":"2026-08-13T00:34:09","slug":"st-petersburg-apparel-company-pushes-200m-debt-to-2031","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/369881\/","title":{"rendered":"St. Petersburg Apparel Company Pushes $200M Debt to 2031"},"content":{"rendered":"

Superior Group of Companies has extended the maturity of its $200 million credit facilities from August 2027 to August 2031. The St. Petersburg<\/a> company announced the agreement Aug. 11 after closing the transaction four days earlier.<\/p>\n

The five-year agreement retains the company\u2019s $125 million revolving credit line and $75 million term loan at their previous sizes. Superior may ask its lenders for another $75 million, although the additional capacity would require new commitments and is not included in the company\u2019s $200 million of committed facilities.<\/p>\n

PNC Bank serves as administrative agent for the lending group. Superior used the new facilities to repay approximately $85.25 million under its previous PNC agreement, including about $29 million drawn on the revolving line and $56.25 million in term loans, according to the company\u2019s filing with the Securities and Exchange Commission. Superior paid no penalty for ending the previous agreement early.<\/p>\n

Superior said the extended facilities would support its capital-allocation plans and potential growth across its three business<\/a> segments. Those operations include branded merchandise and uniforms, healthcare apparel and outsourced contact centers.<\/p>\n

Branded Products drove the company\u2019s second-quarter revenue increase, generating $98.4 million in sales, up 6.2% from a year earlier, and $11.2 million in adjusted earnings before interest, taxes, depreciation and amortization, up 24.9%. Healthcare Apparel produced $27.2 million in sales, down 3.6%, and recorded a $160,000 adjusted EBITDA loss and a $2.6 million trade-name impairment charge.<\/p>\n

Superior finished the quarter with $147.8 million in sales, up 2.6% from the previous year. Net income declined from $1.6 million to $1.2 million, including the effect of the impairment charge, while adjusted net income, which excludes the charge and its tax effect, more than doubled to $3.2 million. The company maintained its full-year sales forecast of $572 million to $585 million, according to its second-quarter results.<\/p>\n

Superior had $22.8 million in cash as of June 30. During the first half of 2026, operating cash flow rose from $2.9 million to $17.7 million, and revolver repayments exceeded new borrowings by $9 million.<\/p>\n

The new facilities carry a variable interest rate equal to the secured overnight financing rate plus 1.125% to 2.125%, depending on Superior\u2019s leverage. The company must pay a quarterly fee of 0.125% to 0.25% on the unused portion of the revolving line.<\/p>\n

Superior pledged substantially all its operating assets as collateral, and its domestic subsidiaries guaranteed the debt. The agreement requires a fixed-charge coverage ratio of at least 1.25-to-1 and caps net leverage at 4-to-1.<\/p>\n

Founded in 1920 and headquartered at 200 Central Ave. in St. Petersburg, Superior trades on Nasdaq under the symbol SGC.<\/p>\n

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