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MICS - Singing Machine to secure up to $15M financing from Fifth Third Bank
The Singing Machine Company Inc.
The Singing Machine Company ( NASDAQ: MICS ) will secure up to $15M financing from Fifth Third Bank.
The company has entered into an agreement for the senior secured financing that the bank will provide in asset-based lending during MICS's peak shipping season.
The financing will reduce to $7.5M from Jan. 1 to Jun. 30.
The new credit facility, which provides for borrowing against eligible accounts receivable and inventory, is for three years.