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Tuesday, January 1, 2008
January 1, 2008
Nautilus Inc announced that it has signed a commitment letter with Bank of America, N.A. to replace its current debt facility with an underwritten 5-year, $100 million asset-based loan with an accordion feature to increase to $125 million.
The agreement is expected to close January 14, 2008. The loan will be syndicated by Bank of America prior to or after closing. In the interim, the Company has negotiated a forbearance on its existing debt facility.
"Our new line of credit is expected to provide sufficient liquidity to support our business strategy and the interests of our shareholders," said Bob Falcone, President and CEO of Nautilus Inc.
Nautilus Inc
Source at Fibre2fashion.com
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