Gander Mountain Company the nation's largest retail network of stores for hunting, fishing, boating, camping, marine and outdoor lifestyle products and services announced that it has concluded an expansion and extension of its existing secured bank credit facility.
Pursuant to the amended and restated agreement with Bank of America, N.A., as agent, and the lenders named therein, the company's revolving credit facility will increase to $345 million from $275 million, with an option to increase the revolving facility by another $50 million subject to certain terms and conditions.
Outstanding term loan commitments will remain at $20 million. The facility also extends the maturity date for the revolving and term loans, by three years, to June 30, 2012.
The Company will continue to utilize the proceeds of the credit facility for working capital and general corporate purposes.
"We are very pleased to announce this expansion and extension of our credit facility," said Mark Baker, Gander Mountain president and CEO.
"We believe this is indicative of the continuing operating momentum we are gaining from our merchandising initiatives, our geographic diversification strategy and the growth opportunities that lie ahead."
marketing@alchempro.com
