Jaclyn, Inc. entered into an extension of its revolving credit facility with TD Bank, N.A., as agent and a lender, and Israel Discount Bank of New York, as a lender. The term of the credit facility has been extended until November 30, 2015 and continues to provide for short-term loans and the issuance of letters of credit in an aggregate amount not to exceed $60 million.

Based on a borrowing formula, the Company may borrow up to $30 million in short-term loans ($40 million during the period from September 15 to December 15 during each year) and up to $60 million including letters of credit. The borrowing formula allows for an additional amount of letters of credit to be issued during the company's peak borrowing season from March through October. Borrowings under the credit facility bear interest based on, at the Company's option: (a) the prime rate, with a minimum interest rate of 3.25%, or (b) a floating LIBOR rate, or a fixed LIBOR rate for interest periods of 1, 2 or 3 months, with a minimum LIBOR rate of 0.50%, plus, in each case, an applicable margin of 250 basis points. The Company's non-real estate assets are pledged to the bank as collateral. The credit facility requires that the company maintain a minimum tangible net worth and interest coverage, as well a debt-to-equity requirement, in each case measured annually.

Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's sleepwear, infants' and children's apparel, handbags, premiums and related accessories.