Escalade, Inc. announced that, on May 31, 2010, it amended its existing credit agreement with its issuing bank JPMorgan Chase Bank, N.A. to provide for a new multi-year loan facility.
As amended, the Credit Agreement now provides Escalade with a senior revolving credit facility in the maximum principal amount of up to $27 million with a maturity date of May 31, 2012 and a term loan in the principal amount of $10,000,000 with a maturity date of May 31, 2015.
“We are very pleased with the improved multi-year credit agreement reached with Chase,” stated Robert J. Keller, President and Chief Executive Officer of Escalade. “The amended agreement is a direct result of actions we took to streamline the business, reduce inventory levels and focus on cost savings. Over the past year, we have reduced our debt load by approximately $19 million or 40%. The improved credit terms enhance our ability to execute our growth strategy, including product innovation, brand building and distribution expansion. While we are pleased with achieving this milestone, we are focused on delivering even greater results.”
