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ZAGG Extends Debt Agreement With Wells Fargo

December 24, 2013, 07:31 AM
Filed Under: Distribution

ZAGG Inc., a leading mobile device accessories company with a brand portfolio that includes ZAGG and iFrogz, announced today that it has amended and extended its debt facility with Wells Fargo Bank.

The amendment retains the $60.0 million revolving line of credit and extends the maturity date by twelve months to December 1, 2015. Prior to the amendment, the total amount outstanding under the term loan was $18.0 million and the total amount outstanding under the revolving line of credit was zero. At the time of the amendment, the $18.0 million outstanding under the original $24.0 term loan was paid in full utilizing proceeds from the revolving line of credit.

"The extension of our debt agreement with Wells Fargo through 2015 will improve our cost of capital and financial flexibility, and will help ensure that we have the financial resources necessary to execute our growth strategies," said Brandon O'Brien, ZAGG's CFO.

ZAGG Inc and its subsidiaries (collectively, the "Company", or "ZAGG") design, produce, and distribute creative product solutions for mobile and media accessories such as protective coverings, cases, keyboards, keyboard cases, earbuds, portable power, and device cleaning under the family of ZAGG brands. In addition, the Company designs, produces, and distributes cases, Near-Field Audio™ amplifying speakers, earbuds, traditional headphones, and gaming headphones for mobile and media devices under the family of iFrogz brands in the lifestyle sector.

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