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Gander Mountain Expands and Extends Credit Facility
ST. PAUL, Minn., August 15, 2007 — Gander Mountain Company (Nasdaq: GMTN) the nation's largest retail network of stores for hunting, fishing, boating, camping, marine and outdoor lifestyle products and services, today announced that it has concluded an expansion and extension of its existing secured bank credit facility.
Pursuant to the amended and restated agreement with Bank of America, N.A., as agent, and the lenders named therein, the company’s revolving credit facility will increase to $345 million from $275 million, with an option to increase the revolving facility by another $50 million subject to certain terms and conditions. Outstanding term loan commitments will remain at $20 million. The facility also extends the maturity date for the revolving and term loans, by three years, to June 30, 2012. The Company will continue to utilize the proceeds of the credit facility for working capital and general corporate purposes.
"We are very pleased to announce this expansion and extension of our credit facility," said Mark Baker, Gander Mountain president and CEO. "We believe this is indicative of the continuing operating momentum we are gaining from our merchandising initiatives, our geographic diversification strategy and the growth opportunities that lie ahead."
About Gander Mountain Company
Gander Mountain Company (Nasdaq: GMTN), headquartered in Saint Paul, Minnesota, is the nation's largest retail network of stores for hunting, fishing, camping, boating, marine and outdoor lifestyle products and services. Since 1960, the Gander Mountain brand has offered an expanding assortment of competitively priced outdoor equipment, technical apparel and footwear, as well as gunsmith, archery, ATV and marine services. The stores feature national, regional and local brands as well as the company's owned brands. Focused on a "We Live Outdoors®" culture, Gander Mountain dedicates itself to creating outdoor memories. There are currently 108 conveniently located Gander Mountain outdoor lifestyle stores in 22 states. For the nearest store location call 800-282-5993 or visit www.gandermountain.com.
Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risks and Factors Affecting Current and Future Results" section of the company's Annual Report on Form 10-K for fiscal 2006 and other required reports, as filed with the SEC, which are available at www.gandermountain.com and at the SEC's website at www.sec.gov.
Contact:
Gander Mountain
651-325-4300
investorrelations@gandermountain.com |
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