Wells Fargo Extends ZAGG Debt Agreement
ZAGG announced that it amended and extended its debt facility with Wells Fargo Bank.
The amendment retains a $60 million revolving line of credit and extends the maturity date by twelve months to December 1, 2015. Prior to the amendment, the total amount outstanding under the term loan was $18 million and the total amount outstanding under the revolving line of credit was zero. At the time of the amendment, the $18 million outstanding under the original $24 term loan was paid in full utilizing proceeds from the revolving line of credit.
“The extension of our debt agreement with Wells Fargo through 2015 will improve our cost of capital and financial flexibility, and will help ensure that we have the financial resources necessary to execute our growth strategies,” said Brandon O’Brien, ZAGG’s CFO.
ZAGG and its subsidiaries design, produce and distribute creative product solutions for mobile and media accessories.