CCA Industries, Inc. announced it entered into a new credit facility with SCM Specialty Finance Opportunities Fund, L.P., an affiliate of CNH Finance, L.P., on December 4, 2015 to pay off the company's existing debt with Capital Preservation Solutions, LLC and for general working capital purposes.

The credit agreement provides for a revolving loan up to a maximum of $5.5 million.  Outstanding amounts borrowed bear interest at the 30 day LIBOR rate plus 6% per annum (currently in the aggregate, 6.21% per annum), payable monthly in arrears.

The commitment under the credit agreement expires three years after the December 4, 2015 closing date.  The revolving loan and all other amounts due and owing under the credit agreement and related documents are secured by a first priority perfected security interest in, and lien on, substantially all of the assets of the company.

Amounts available for borrowing under the revolving loan equal the lesser of the Borrowing Base (as defined below), and $5.5 million, in each case, as the same is reduced by the aggregate principal amount outstanding under the Line of Credit. "Borrowing Base" under the Loan Agreement means, generally, the amount equal to (i) 85% of the Company's eligible accounts receivable, plus (ii) 65% of the value of eligible inventory, less (iii) certain reserves.

CCA Industries Inc. manufactures and markets health and beauty aids, each under its individual brand name.  The products include, principally, "Plus+White" toothpastes and teeth whiteners, "Bikini Zone" medicated topical and shave gels, "Nutra Nail" nail care, " "Scar Zone" scar treatment products, "Sudden Change" anti-aging skin care products, and "Solar Sense" sun protection  products.