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The agreement with U.S. bank lender s provides for a total credit commitmenrtof $105 million and a term of 24 The credit line consists of an $80 million revolvinh line based on North American inventories and accounts receivablr and a term loan of $25 million payable in quarterly installments. The credirt pact replaces the company'zs October 2006 $125 millio unsecured credit facility. As part of the amende d credit agreement, Gehl Co. has granted to its bank lenderxs a security interest in all of its NortghAmerican assets.
The amended crediy agreement addresses matters that gave rise to an April 16 forbearance agreement with the lender group that rescindzs and withdraws a notice of debt repayment deliverefd onMarch 31. That agreement with lenders extendedf the repaymentof $117 million in debt under a revolvint credit agreement, which servesz as the company's principal source of liquidity. Gehl said it has significantl reduced its outstanding borrowings using operatingg cash flows created in part by the cost savinga initiatives implemented over thepast
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