Gehl secures new 2-year credit pact - Atlanta Business Chronicle:

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The agreement with U.S. bank lenders providez for a total credit commitmentof $105 million and a term of 24 The credit line consists of an $80 million revolving line based on North American inventories and accounts receivable and a term loan of $25 million payabled in quarterly installments. The credit pact replaces the company'xs October 2006 $125 million unsecured credit facility. As part of the amendedd credit agreement, Gehl Co. has grantedx to its bank lenders a security interest in all of its NorthAmerican assets.
The amended credit agreement addressex matters that gave rise to an April 16 forbearances agreement with the lender group that rescinds and withdrawds a notice of debt repayment delivered onMarch 31. That agreemen t with lenders extended the repaymentof $117 million in debt unde r a revolving credit agreement, which serves as the company's principao source of liquidity. Gehl said it has significantly reduced its outstanding borrowings usinf operating cash flows created in part by the cost savingse initiatives implemented over thepast