Talon International, Inc. announced that it finalized a new $8.5 million credit facility agreement with Union Bank, N.A. on December 31, 2013, consisting of a $5.0 million term loan and a $3.5 million revolving credit facility. The company immediately used proceeds from the term loan and $1.0 million of the revolving credit facility to repay in full the company's $5.8 million of indebtedness to CVC California, LLC that was scheduled to mature on January 12, 2014. Amounts outstanding under the revolving credit facility mature in two years and the term loan is a fully amortized loan payable monthly over three years.

Outstanding amounts bear interest at favorable market rates and the credit facility is secured by substantially all of the company assets. In addition to refinancing the promissory note, the credit agreement provides the company access to additional working capital to fund strategic growth initiatives.