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
Castle Brands and Castle Brands (USA) Enters Second Amendment to Amended and Restated Loan and Security Agreement, Dated as of September 22, 2014
Aug 18 15
On August 17, 2015, Castle Brands Inc., and its wholly-owned subsidiary, Castle Brands (USA) Corp., entered into a Second Amendment (the "Amendment") to that certain Amended and Restated Loan and Security Agreement, dated as of September 22, 2014, with ACF FinCo I LP. The Amendment clarifies that the interest rate applicable to the sublimit of the revolving facility that permits the Company to acquire aged whiskey inventory is the rate that, when annualized, is of (a) the Prime Rate plus 4.25%, (b) the LIBOR Rate plus 6.75% and (c) 7.50%. As of the date of the Amendment, the interest rate applicable to the Purchased Inventory Sublimit was 7.50%.
Castle Brands Inc. and Castle Brands (USA) Corp. Enters into A First Amendment to That Certain Amended and Restated Loan and Security Agreement
Aug 10 15
On August 7, 2015 Castle Brands Inc. and its wholly-owned subsidiary, Castle Brands (USA) Corp. entered into a first amendment to that certain Amended and Restated Loan and Security Agreement dated as of September 22, 2014, with ACF FinCo I LP to amend certain terms of the company's existing $12,000,000 revolving facility and the $4,000,000 term loan used to finance the purchase of aged whiskies with ACF. Among other changes, the Amendment increases the maximum amount of the Facility from $12,000,000 to $19,000,000, including a sublimit in the maximum principal amount of $7,000,000 to permit the company to acquire aged whiskey inventory subject to certain conditions set forth in the Loan Agreement. Pursuant to the Amendment, the company and CB-USA may borrow up to the lesser of $19,000,000 and the sum of the borrowing base calculated in accordance with the Loan Agreement and the Purchased Inventory Sublimit. The company and CB-USA are permitted to prepay the Facility in whole or the Purchased Inventory Sublimit, in whole or in part, subject to certain prepayment penalties as set forth in the Amendment. The Purchased Inventory Sublimit replaces the Bourbon Term Loan, which was paid in full in the normal course of business. The monthly facility fee remains 0.75% per annum of the maximum principal amount of the Facility. Also, the company must pay a monthly facility fee of $2,000 with respect to the Purchased Inventory Sublimit until all obligations with respect thereof are fully paid and performed. The company and CB-USA paid ACF an aggregate $45,000 commitment fee in connection with the Amendment.