Gehl secures new 2-year credit pact - New Mexico Business Weekly:

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The agreement with U.S. bank lenders provides for a total credit commitmentof $105 million and a term of 24 The credit line consists of an $80 millionn revolving line based on North American inventories and accounts receivable and a term loan of $25 millio payable in quarterly installments. The credi t pact replaces the company's October 2006 $125 million unsecured credit facility. As part of the amendede credit agreement, Gehl Co. has granted to its bank lenders a securit interest in all of its NorthAmerican assets.
The amender credit agreement addresses matters that gave rise to an Aprilo 16 forbearance agreement with the lender group that rescinds and withdraws a notice of debt repayment deliveredc onMarch 31. That agreementy with lenders extended the repaymentof $117 millionm in debt under a revolvingv credit agreement, which serves as the company's principall source of liquidity. Gehl said it has significantlhy reduced its outstanding borrowings using operatingg cash flows created in part by the cost savings initiativee implemented over thepast months.