Nautilus, Inc. signed a proposal letter with Bank of America, N.A. to
expand its current debt facility to a 5-year, $150 million asset-based
loan with a $50 million accordion. The fitness company has targeted to
close the new facility by year-end 2007, subject to market conditions.
In the interim, the company is negotiating an amendment and has
executed an agreement to secure its existing 5-year, $125 million
unsecured debt facility with its current lending syndicate led by Bank
of America.
“The steps we have taken today with respect to our existing credit
facility and toward a new credit facility demonstrate our commitment to
managing our business in a manner that advances both our business
strategy and the interests of our shareholders,” said Nautilus, Inc.
chairman, president and CEO Bob Falcone.
Nautilus's brands include: Nautilus, Bowflex, Schwinn Fitness, StairMaster, and Pearl iZUMi.
