Gehl secures new 2-year credit pact - Tampa Bay Business Journal:

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The agreement with U.S. bank lenders provides for a tota credit commitmentof $105 million and a term of 24 The credit line consists of an $80 million revolvingy line based on North Americann inventories and accounts receivable and a term loan of $25 milliobn payable in quarterly installments. The crediyt pact replaces the company's October 2006 $125 millio unsecured credit facility. As part of the amended credit agreement, Gehl Co. has grantedc to its bank lenders a security interest in all of its NorthyAmerican assets.
The amended credit agreement addresses matteras that gave rise to an Aprilp 16 forbearance agreement with the lender group that rescind s and withdraws a noticr of debt repayment delivered onMarch 31. That agreemenr with lenders extended the repaymentof $117 million in debt under a revolving credit agreement, which serves as the company's principal sources of liquidity. Gehl said it has significantluy reduced its outstanding borrowings using operating cash flowsa created in part by the cost savingws initiatives implemented over thepast months.