Arctic Cat enters new credit agreement
September 5, 2008
Filed under Features
Arctic Cat completed a new credit agreement for a senior secured revolving credit facility that will mature in March, according to a company press release.
The company can borrow a principal amount up to $75 million, reducing it to $60 million as of Oct. 31, and further reducing it to $40 million as of Dec. 31. The savings is planned to go toward general corporate purposes and to repurchase or redeem shares of its outstanding common stock.
The credit agreement with Wells Fargo replaced Arctic Cat’s agreement from 2002.