Cycle Country Accessories Corp. Amends Credit Facility
Cycle Country Accessories Corp. (Amex – ATC) announced today that it has entered into a Ninth Amendment to its Secured Credit Agreement with Bank Midwest (the “Lender”). The Ninth Amendment increases the revolving credit commitment under the Credit Agreement to $4,100,000 until the closing of the Company’s previously disclosed sale of its branded ATV accessories product line to Kolpin Outdoors Inc. (the “Kolpin Sale”). The Company must prepay a portion of the amounts outstanding under the Credit Agreement upon the closing of the Kolpin Sale. After the closing of the Kolpin Sale, the revolving credit commitment under the Credit Agreement will be $1,000,000. The Lender also provided all waivers and consents necessary for the Company to enter into and consummate the Kolpin Sale.
About Cycle Country Accessories Corporation:
Cycle Country is the recognized industry leader in the innovation, design, sales, and manufacturing of custom fitting accessories for utility and all-terrain vehicles (UTVs and ATVs), under the brand name of Cycle Country Accessories. Products include snowplows, mowers, 3-point hitches and implements, storage boxes and baskets, bed lifts, brush guards and more.
Cycle Country also produces a line of specialty products for golf cars under the brand name of Plazco.Under the brand name of Perf-Form, Cycle Country manufactures and distributes a line of high performance oil filters focused on older, legacy engines in the motorcycle, ATV, and watercraft industries. In addition, the company provides metal fabrication and contract manufacturing services to several large original equipment manufacturers (OEM’s) through its Imdyne division.
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