Mad Catz Increases Limit of Credit Facility to Make it Through the Holidays

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Mad CatzMad Catz has come to arrangements with its lender to make more cash available for the company to help it get through the holiday season. Mad Catz has amended its revolving asset-backed credit facility with Wells Fargo Capital Finance to allow Mad Catz to borrow as much as $50 million (rather than $30 million, a limit to which the facility will revert on January 31, 2011). These kind of trade-receivables credit facilities essentially allow companies like Mad Catz to borrow money (minus a risk-related percentage) in the expectation of actually collecting payments from retailers. To increase the borrowing limit, Mad Catz had to pay Wells Fargo Capital Finance $100,000.

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This page contains a single entry by Editor published on October 6, 2010 8:11 AM.

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