Spy Optic Inc. has secured changes to a credit agreement increasing the maximum money it can draw against inventory to the lessor of $3.5 million or 100 percent of eligible accounts receivable.
On Feb. 27, 2015 the maximum inventory advance will revert back to the
pre-Modification value of the lesser of $3.5 million or 65% of eligible
accounts receivable.
The increase marks the eleventh
modification to Spy’s loan and security agreement with BFI Business Finance. The
original Loan and Security Agreement with BFI was entered into on
Feb. 26, 2007.
