LaCrosse Footwear, Inc. announced that Wells Fargo & Co. has extended LaCrosse's three-year Line of Credit Agreement, providing the same borrowing levels as the prior three-year agreement. The new Line of Credit Agreement is effective March 1, 2009 through June 30, 2012.
“We're very pleased that our credit line was renewed based on our strong balance sheet and strong operating performance, despite the turbulent financial markets and generally tight credit environment,” said Joseph P. Schneider, president and CEO of LaCrosse Footwear, Inc. “While we did not borrow against this line during 2007 or 2008 because of our strong cash position, we believe this credit facility offers us additional support for managing our seasonal business cycle and making future strategic investments to grow our business.”
As with the prior agreement, the new agreement allows LaCrosse to borrow up to $17.5 million from January to May and up to $30 million from June through December, subject to certain financial covenants, to which the company was in full compliance with during 2008.
