Nautilus gets up to $55 million ABL facility, $15 million term loan

By Wendy Van Sickle

Columbus, Ohio, Feb. 4 – Nautilus, Inc. entered into a credit agreement on Friday that provides for an asset-based revolving loan of up to $55 million and a term loan of up to $15 million, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the revolver will be Libor plus a margin of 175 basis points to 225 bps, based on average quarterly availability, and interest on the term loan will accrue at Libor plus 500 bps.

The credit agreement will mature on Jan. 31, 2025.

Wells Fargo Bank, NA is the administrative agent.

The company will use proceeds to refinance the existing $40 million asset-based revolver with JPMorgan Chase Bank, NA and for general corporate purposes.

Financial covenants include a minimum liquidity covenant of $7.5 million that will step down to $5 million starting Feb. 1, 2022.

Nautilus is a Vancouver, Wash., fitness products company.

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