Clarus Corporation, a global company focused on the outdoor and consumer enthusiast markets, announced that in connection with its acquisition of Rhino-Rack, it has amended and upsized its existing senior credit facility led by JPMorgan Chase Bank, with U.S. Bank, Regions Bank, Bank of America and Zions Bank significantly participating in the lender group.

Under the terms of the upsized agreement, Clarus has access to an increased revolving credit facility of $100 million and an increased $125 million term loan. The facility also includes an uncommitted accordion feature of $50 million, for a total borrowing capacity of up to $275 million. The facility bears interest at either an adjusted LIBOR rate or an alternative base rate, plus an applicable margin ranging from 1.50% to 2.625% per annum and matures on May 3, 2024.

“The upsizing of our credit facility provides us with increased flexibility and capacity as we close on our recently announced acquisition of Rhino-Rack,” said Clarus CFO Aaron Kuehne. “We will use the upsized facility to finance the transaction’s cash consideration, which further supports our strategic and disciplined capital allocation strategies. With this facility in place, we believe we are well-positioned for the closing of the Rhino-Rack acquisition and the deployment of our ‘innovate and accelerate’ strategy to maximize the iconic brand’s growth potential. We look forward to adding Rhino-Rack to our portfolio of ‘super-fan’ brands and seeking to build upon the sustained momentum that we have seen this year across our brands.”

The facility continues to be secured generally by substantially all assets of the loan parties and each loan party has guaranteed the obligations of each other loan party.