US: Crocs secures new US$30m credit facility
Footwear operator Crocs has completed a new asset-backed revolving credit facility worth US$30m.
The deal with PNC allows the money to be used for working capital and other items stipulated in the agreement, the US company said.
Some of Crocs' subsidiaries were co-borrowers under the terms of the agreement.
Crocs CFO Russ Hammer said the deal "provides us with additional liquidity and flexibility as we continue to invest in our strategic initiatives and facilitate the company's turnaround".
He added: "We are pleased with our ability to secure this new agreement, particularly in this economic climate, and believe it underscores the confidence we and our lender have in our future as a strong global brand."
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