Nautilus signs commitment letter on new line of credit |
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Mon, 31 Dec 2007 22:32
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SAN FRANCISCO (Thomson Financial) - Nautilus Inc. late Monday said it has signed a commitment letter to replace its current debt facility with an underwritten five-year, $100 million asset-based loan.The agreement, which includes an accordion feature to increase to $125 million, is expected to close on Jan. 14, the Vancouver, Wash.-based maker of fitness and apparel products said.In the interim, Nautilus said it has negotiated a forbearance on its existing debt facility.'Our new line of credit is expected to provide sufficient liquidity tosupport our business strategy and the interests of our shareholders,' said Nautilus President and Chief Executive Bob Falcone in a statement.The company's stock closed the regular session down 24 cents, or about 4.7%, at $4.85.Katherine HuntkhCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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