LoJack Corp. recently entered into a multi-currency revolving credit agreement for U.S. $30 million, replacing its prior multi-currency credit agreement. Under the new agreement, RBS Citizens, N.A. will act as administrative agent and lender, and TD Bank, N.A. will act as lender and issuing bank. The company has the right to increase the aggregate amount available to be borrowed to U.S. $50 million, subject to certain conditions. The new credit agreement terminates on Dec. 29, 2011.
“This agreement provides us the financial resources and flexibility to continue investing in our strategic programs, which will deliver long-term growth by leveraging our strong brand and diversifying the business,” said Ronald Waters, president and CEO. “We will continue to actively manage our cost structure and align it with the current size of our business.”
Headquartered in Westwood, Mass., LoJack Corp. is a global leader in finding and recovering a wide range of mobile assets including cars, construction equipment and motorcycles.