Nutraceutical Increases Credit Line
PARK CITY, Utah, Dec. 21, 2010 /PRNewswire-FirstCall/ -- Nutraceutical International Corporation (Nasdaq: NUTR) has amended and restated its original January 2002 revolving credit facility agreement. Rabobank International will continue as our lead bank under the facility. Wells Fargo will also remain as a lender and is currently our primary US commercial banking partner. This amended and restated credit facility extends the term of the loan to December 2015, increases the ongoing commitment from our banks to $90 million for the next five years and provides an additional accordion feature to increase the commitment up to $120 million, subject to certain conditions. Outstanding borrowings under the facility are currently $33 million.
Bill Gay, chairman and chief executive officer, commented, "We are pleased to continue our long relationship with Rabobank and Wells Fargo and to renew our revolving credit facility with them. We have a well established relationship with these banks and they are knowledgeable about our business and our industry. This credit facility provides us with flexible financing to pursue our long-term business strategies."
We are an integrated manufacturer, marketer, distributor and retailer of branded nutritional supplements and other natural products sold primarily to and through domestic health and natural food stores. Internationally, we market and distribute branded nutritional supplements and other natural products to and through health and natural product distributors and retailers. Our core business strategy is to acquire, integrate and operate businesses in the natural products industry that manufacture, market and distribute branded nutritional supplements. We believe that the consolidation and integration of these acquired businesses provides ongoing financial synergies through increased scale and market penetration, as well as strengthened customer relationships.
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