ZAGG Inc, a mobile device accessories company, entered into an $84 million credit facility with Wells Fargo Bank, consisting of a $24 million two-year term note and a $60 million revolving line of credit. With these new loans in place ZAGG has retired all existing loans to the company, including the aggregate $45.97 million balance under a term loan with Cerberus Business Finance and a revolving credit facility with PNC Bank.

"The refinancing of our debt with Wells Fargo represents a significant achievement for ZAGG," said Brandon O’Brien, ZAGG’s CFO. "Our average cost of funds has been reduced by more than five percentage points which will reduce our interest expense by over $2,000,000 per year. With the commercial credit agreement we were able to put in place with Wells Fargo, we have adequate working capital to execute on our operating plan."