Johnson Outdoors Inc. completed an amendment to its existing debt agreements. Among other items, the amendment provides for greater flexibility with respect to financial metric covenants through the end of the company's 2009 fiscal year.
Helen Johnson-Leipold, chairman and CEO, said, “We are pleased to have completed this amendment, which provides us with added flexibility to operate through the current challenging economic and market conditions. The continued support of our bank group demonstrates their confidence in Johnson Outdoors' ongoing business.''
Under the amended facility, the maximum amount available under the combined credit facilities will be reduced from $135 million to $95 million as of Jan. 2, 2009, and reduced to $90 million as of Jan. 31, 2009. Borrowings under the facility are subject to the value of a borrowing base consisting of certain receivables and the company's inventory.