Vancouver-based home-fitness equipment company Nautilus announced earlier this month that it secured a new five-year, $70 million loan consisting of a $55 million asset-based revolver and a $15 million term loan from Wells Fargo Bank. The loan will be used for refinancing Nautilus’ existing $40 million asset-based facility, the company said, as well as for general corporate purposes.
“Our new Credit Facility provides us with additional financial flexibility to capitalize on the strength of our brand portfolio and position us for sustainable profitable growth as a global technology-driven fitness company,” CEO Jim Barr said in a statement.
Barr said the new loan would allow Nautilus to allocate capital to help the company execute long-term growth strategies aimed at returning the business to profitability.
