Company Overview of Castle Brands (USA) Corp.
Castle Brands (USA) Corp. engages in the import, manufacture, marketing, and sale of spirit brands of vodka, Irish whiskey, rums, and liqueurs. Castle Brands (USA) Corp. was formerly known as Great Spirits Corp. and changed its name in July 2003. The company is based in New York, New York. Castle Brands (USA) Corp. is a subsidiary of Castle Brands Inc.
570 Lexington Avenue
New York, NY 10022
Founded in 1997
Key Executives for Castle Brands (USA) Corp.
Executive Vice President of Sales
Regional Manager of West Coast
Compensation as of Fiscal Year 2014.
Castle Brands (USA) Corp. Key Developments
Castle Brands and Castle Brands (USA) Corp. Enter into a Third Amendment with Keltic Financial Partners
Aug 9 13
On August 7, 2013, Castle Brands Inc., and Castle Brands (USA) Corp., entered into a Third Amendment to that certain Loan and Security Agreement, dated August 19, 2011, with Keltic Financial Partners II, LP, a Delaware limited partnership, in order to amend certain terms of the company’s existing $8,000,000 revolving facility and $2,500,000 term loan to finance the purchase of aged whiskies with Keltic. The amendment modifies certain aspects of the borrowing base calculation and covenants with respect to the Facility and permits the company to make regularly scheduled payments of principal and interest and voluntary prepayments on the Junior Loan, subject to certain conditions set forth in the amendment. In addition, the amendment provides the company and CB-USA with the ability to increase the maximum aggregate principal amount of the Bourbon Term Loan from $2,500,000 to up to $4,000,000 following the identification of junior participants to purchase a portion of the increased Bourbon Term Loan amount. The company and CB-USA paid Keltic an aggregate $25,000 amendment fee in connection with the execution of the amendment.
Castle Brands Inc. and Castle Brands (USA) Corp. Enter into Second Amendment to Certain Loan and Security Agreement
Mar 14 13
On March 11, 2013, Castle Brands Inc. and Castle Brands (USA) Corp. entered into a second amendment to that certain Loan and Security Agreement dated August 19, 2011, with Keltic Financial Partners II, LP. The Loan Amendment provided for an increase in available borrowings under the revolving facility for working capital purposes from $7,000,000 to $8,000,000. The Loan Amendment also provided for a term loan of $2,500,000 that was used for the purchase of bourbon inventory on March 11, 2013. Unless sooner terminated in accordance with their respective terms, the Facility and Term Loan expire on December 31, 2016. The Borrower may borrow up to the maximum amount of the Facility, provided that the Borrower has a sufficient borrowing base. The borrowing base equals up to 85% of the aggregate amount of the Borrower’s ‘Eligible Receivables’ plus the least of 50% of the ‘Value’ of the Borrower’s ‘Eligible Inventory’ $3,500,000 and 60% of the Borrowing Capacity at such time, less the aggregate amount of all Reserves in effect at such time. The Facility interest rate is the rate that, when annualized, is the greatest of the Prime Rate plus 3.25%, the LIBOR Rate plus 5.75% and 6.50%. The Term Loan interest rate is the rate that, when annualized, is the greatest of the Prime Rate plus 4.25%, the LIBOR Rate plus 6.75% and 7.50%.
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