Summer Infant, Inc. Announces Refinancing of Credit Facility

Summer Infant, Inc. Announces Refinancing of Credit Facility 
Secures $80 Million Asset-Based Revolving Credit Facility With Bank
of America; Enters Into $15 Million Term Loan With Salus Capital
Partners 
WOONSOCKET, RI -- (Marketwire) -- 02/28/13 --  Summer Infant, Inc.
(Summer Infant) (NASDAQ: SUMR), a global leader in premium juvenile
products, today announced that it has refinanced its outstanding
revolving credit facility.  
Summer Infant has entered into a new fully underwritten loan and
security agreement with Bank of America, N.A. that expires in 2018
and provides for an $80 million asset-based revolving credit
facility. The loan bears interest, at the Company's option, at a base
rate plus 0.25% to 0.75% or at LIBOR plus 1.75% to 2.25%. The
agreement includes covenants relating to minimum consolidated EBITDA
and fixed charge ratio, as well as customary affirmative and negative
covenants.  
Summer Infant also entered into a new $15 million term loan agreement
with Salus Capital Partners, LLC, as administrative agent and
collateral agent. The principal of the term loan will be repaid, on a
quarterly basis, in installments of $375,000, commencing with the
quarter ending September 30, 2013, and matures in 2018. The term loan
bears interest at an annual rate equal to LIBOR, plus 10%, with a
LIBOR floor of 1.25%. 
The term loan contains customary affirmative and negative covenants
substantially the same as the Bank of America agreement.  
"The refinancing of our credit facility is a major milestone for
Summer Infant," said Jason Macari, Chief Executive Officer of Summer
Infant. "We were encouraged by the level of lender interest and
support as we considered several refinancing options, and selected
Bank of America and Salus Capital as the best long-term solutions.
These two agreements significantly lower our borrowing costs and
provide financial flexibility as we execute on our long-term growth
strategy. We are focused on advancing the key strategic drivers of
our business, including innovation, global expansion, brand building
and operational excellence."  
Detailed information regarding the new loan agreements will be
included in the Company's Current Report on Form 8-K to be filed with
the Securities and Exchange Commission.  
About Summer In
fant, Inc.
 Based in Woonsocket, Rhode Island, the
Company is a designer, marketer and distributor of branded durable
juvenile health, safety and wellness products (for ages 0-3 years),
which are sold principally to large U.S. retailers. The Company
currently sells proprietary products in a number of different
categories, including nursery audio/video monitors, safety gates,
durable bath products, bed rails, nursery products, booster and potty
seats, swaddling blankets, bouncers, travel accessories, highchairs,
swings, nursery furniture, infant feeding products, and car seats.
For more information about the Company, visit the website:
www.summerinfant.com.  
Forward-Looking Statements
 Certain statements in this release that
are not historical fact may be deemed "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and the Company
intends that such forward-looking statements be subject to the safe
harbor created thereby. These statements are accompanied by words
such as "anticipate," "expect," "project," "will," "believes,"
"estimate" and similar expressions, and include statements regarding
the Company's ability to execute its growth strategy. The Company
cautions that these statements are qualified by important factors
that could cause actual results to differ materially from those
reflected by such forward-looking statements. Such factors include
the concentration of the Company's business with retail customers;
the Company's ability to continue to control costs and expenses; the
Company's ability to meet required financial and other covenants
under its loan agreements; and other risks as detailed in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2011, and subsequent filings with the Securities and
Exchange Commission. The Company assumes no obligation to update the
information contained in this release. 
Contact:
David Calusdian
Sharon Merrill Associates, Inc.
617-542-5300