Castle Brands Announces New $5 Million Revolving Credit Facility with Keltic Financial

Castle Brands Inc. ROX today announced the establishment of a revolving credit facility with Keltic Financial Partners II, LP. The asset-based credit facility provides for borrowings up to $5.0 million for working capital requirements and other general corporate purposes. In connection with Castle Brands' June equity placement, holders of $4.0 million of Castle Brands debt agreed to exchange their debt for equity if approved by Castle Brands' shareholders at its annual meeting next month. Assuming such conversion, the Company's debt will be reduced to approximately $2.2 million. The Company intends to use the new Keltic Financial facility to repay that remaining debt, thus providing $2.8 million of additional liquidity.