Fox Factory Holding Corp. (Nasdaq: FOXF) the home of Fox Shox, not to be confused with Fox Racing, the moto apparel, has entered into a new credit facility arrangement with Bank of America to the tune of $100 million. The new credit facility includes a five-year $250 million senior-secured revolving line of credit that will mature in June, 2024. This replaces the Company’s existing term loan and line of credit and increases borrowing capacity by approximately $100 million. The Company also expects to write off approximately $0.6 million of debt issuance costs associated with the previous facility in the second quarter of fiscal 2019.
“We are pleased to partner with Bank of America Merrill Lynch on this new credit facility which offers more favorable terms and greater financial flexibility than our existing arrangement,” says CFO Zvi Glasman.”We believe the new facility will support our capital requirements for future growth enabling us to execute on our strategy.”