Summer Infant, Inc. Announces Refinancing of Credit Facility

WOONSOCKET, RI--(Marketwire - Feb 28, 2013) - Summer Infant, Inc. (Summer Infant) (NASDAQ: SUMR), a global leader in premium juvenile products, today announced that it has refinanced its outstanding revolving credit facility.

Summer Infant has entered into a new fully underwritten loan and security agreement with Bank of America, N.A. that expires in 2018 and provides for an $80 million asset-based revolving credit facility. The loan bears interest, at the Company's option, at a base rate plus 0.25% to 0.75% or at LIBOR plus 1.75% to 2.25%. The agreement includes covenants relating to minimum consolidated EBITDA and fixed charge ratio, as well as customary affirmative and negative covenants.

Summer Infant also entered into a new $15 million term loan agreement with Salus Capital Partners, LLC, as administrative agent and collateral agent. The principal of the term loan will be repaid, on a quarterly basis, in installments of $375,000, commencing with the quarter ending September 30, 2013, and matures in 2018. The term loan bears interest at an annual rate equal to LIBOR, plus 10%, with a LIBOR floor of 1.25%.

The term loan contains customary affirmative and negative covenants substantially the same as the Bank of America agreement.

"The refinancing of our credit facility is a major milestone for Summer Infant," said Jason Macari, Chief Executive Officer of Summer Infant. "We were encouraged by the level of lender interest and support as we considered several refinancing options, and selected Bank of America and Salus Capital as the best long-term solutions. These two agreements significantly lower our borrowing costs and provide financial flexibility as we execute on our long-term growth strategy. We are focused on advancing the key strategic drivers of our business, including innovation, global expansion, brand building and operational excellence."

Detailed information regarding the new loan agreements will be included in the Company's Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a designer, marketer and distributor of branded durable juvenile health, safety and wellness products (for ages 0-3 years), which are sold principally to large U.S. retailers. The Company currently sells proprietary products in a number of different categories, including nursery audio/video monitors, safety gates, durable bath products, bed rails, nursery products, booster and potty seats, swaddling blankets, bouncers, travel accessories, highchairs, swings, nursery furniture, infant feeding products, and car seats. For more information about the Company, visit the website: www.summerinfant.com.

Forward-Looking Statements
Certain statements in this release that are not historical fact may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions, and include statements regarding the Company's ability to execute its growth strategy. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the concentration of the Company's business with retail customers; the Company's ability to continue to control costs and expenses; the Company's ability to meet required financial and other covenants under its loan agreements; and other risks as detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release.