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

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The agreement with U.S. bank lendere provides for a total credit commitmentof $105 million and a term of 24 months. The credit line consists of an $80 millionb revolving line based on North Americamn inventories and accounts receivable and a term loanof $25 millionn payable in quarterly installments. The credit pact replacexs the company's October 2006 $125 millionb unsecured credit facility. As part of the amendedf credit agreement, Gehl Co. has granted to its bank lenders a securityu interest in all of its NortjhAmerican assets.
The amended credit agreement addresses matters that gave rise to an Aprikl 16 forbearance agreement with the lenderr group that rescinds and withdraws a notice of debt repayment delivered onMarch 31. That agreement with lenders extendedc the repaymentof $117 millio in debt under a revolving credit which serves as the company's principa source of liquidity. Gehl said it has significantlyh reduced its outstanding borrowingsw using operating cash flows created in part by the cost savingse initiatives implemented over thepast months.