December 14, 2007
Dover Saddlery Refinances Debt
Littleton-based equestrian products retailer Dover Saddlery has negotiated a new debt refinancing package that the company says will help it finance the rollout of new retail stores.
The company, which currently does business primarily through mail-order sales, is in the process of opening stores around the country.
The new credit and debt package increases the company’s senior line of credit from $16 million to $18 million and places it with RBS Citizens Bank. A consortium of sub-debt lenders, led by BCA Mezzanine Fund LP is providing a $5 million sub-debt facility, replacing a $3 million loan from Patriot Capital Funding LLC.
The company said the new package reduces its senior debt cost by 50 to 100 basis points.
The company, which currently does business primarily through mail-order sales, is in the process of opening stores around the country.
The new credit and debt package increases the company’s senior line of credit from $16 million to $18 million and places it with RBS Citizens Bank. A consortium of sub-debt lenders, led by BCA Mezzanine Fund LP is providing a $5 million sub-debt facility, replacing a $3 million loan from Patriot Capital Funding LLC.
The company said the new package reduces its senior debt cost by 50 to 100 basis points.
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