Clarus terminated its asset-backed credit facility and entered into a new $100 million cash flow credit facility, which includes an uncommitted $50 million accordion with JPMorgan Chase.
Under the terms of the new senior secured credit agreement, Clarus has access to up to a $60 million revolving credit line and a $40 million delayed draw term loan that is available until May 3, 2020, with an additional $50 million uncommitted accordion feature. The facility bears interest at an adjusted LIBOR rate plus an applicable margin ranging from 1.50% to 2.25% per annum or an alternate base rate plus an applicable margin ranging from 0.50% to 1.25% per annum, and matures on May 3, 2024.
