Vista Outdoor completed the refinancing of its existing senior secured credit facilities, replacing those facilities with a new $450 million asset-based revolving facility, a $109.3 million term loan and a $40 million junior term loan.

According to the related 8-K filing, Wells Fargo served as administrative agent on both the revolver and term loan, while GACP Finance acted as administrative agent on the junior term loan.

“I’m proud of our team for meeting our commitments to get these new credit agreements in place,” said Vista Outdoor CEO Chris Metz. “This was an important deliverable, not only for the short-term health of our business but also as we continue to transform Vista Outdoor. This new asset-based loan structure gives us more flexibility to facilitate the completion of our strategic transformation plan while supporting the growth of our brands and improving bottom line performance.”

Vista Outdoor used the proceeds from initial drawings on the revolver and term loan to pay off existing term loans and revolving credit facility borrowings. Future borrowings under the amended revolver will be used for general corporate purposes. All of the agreements mature on November 19, 2023.

“We are pleased we were able to establish more favorable terms under our credit agreements,” said Mick Lopez, Vista Outdoor’s chief financial officer. “The new debt structure eliminates certain financial covenants that we were subject to in our previous credit agreement. It also will reduce our interest cost due to a decrease in the weighted average interest rate and a decrease in the annual commitment fee. We now have ample access to capital as we work toward our new strategic direction as a company.”

Vista Outdoor designs, manufactures and markets consumer products in the outdoor sports and recreation markets. The company has a portfolio of well-recognized brands which are sold at leading retailers and distributors across North America and worldwide.