Ultimate Electronics Secures $13 Million Loan

Staff On Aug 9 2004 - 6:00am

Ultimate Electronics has obtained a $13 million secured term loan and has entered into a fourth amended and restated credit and security agreement, to provide for new financing and to amend the specialty retailer's financial covenants. Funds will be available for general working capital purposes. Looking to use the financing for additional flexibility to effectuate its turnaround efforts, Ultimate said the fourth amended and restated credit facility includes $100 million of revolving credit borrowings, subject to borrowing base limitations, and a $13 million term loan.