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Wells Fargo Provides $50MM Revolver to Skullcandy

August 22, 2013, 08:03 AM
Filed Under: Consumer Products

Skullcandy, Inc.  entered into a Credit Agreement and Revolving Line of Credit Note  with Wells Fargo Bank, National Association, which provides a line of credit of up to $50 million earlier this week. As a subfeature, the credit facility provides for letters of credit of up to $10 million. Proceeds from the credit facility will be used for general corporate purposes. The Credit Facility is secured with a first-priority lien against substantially all the assets of the company.

Skullcandy is a leading global designer, marketer and distributor of performance audio and gaming headphones and other accessory related products under the Skullcandy, Astro Gaming and 2XL by Skullcandy brands. Skullcandy was launched in 2003 and quickly became one of the world's most distinct audio brands by bringing unique technology, color, character and performance to an otherwise monochromatic space; helping to revolutionize the audio arena by introducing headphones, earbuds and other audio and wireless lifestyle products that possess unmistakable style and exceptional performance. The Company's products are sold and distributed through a variety of channels in the U.S. and approximately 80 countries worldwide.

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