Parlux Increases Credit Line

Parlux Fragrances Inc. raised its credit line with GMAC Commercial Finance to $30 million from $20 million, with an option to increase it to $35 million. The company said the interest rate on the credit line was lowered to 0.25% below the prime rate, down from the previous prime rate. The company said it requested an increase in credit to support its goal of exceeding $300 million in sales in the fiscal year ending March 31, 2007. The new credit line will last until July 2008, Parlux said. Its shares shed 86 cents, or 2.7 percent, to $31 in afternoon trading on the Nasdaq.