Johnson Outdoors Inc. announced a new streamlined structure of the company's debt. The new loan agreement replaces the company's current revolving credit facility and is expected to reduce annual borrowing costs.  Key highlights of the new debt financing are:

• A new cash-flow based loan agreement with significantly fewer financial covenants and simplified reporting requirements compared to the Company's previous asset-based facility.
• A revolving credit facility that provides financing up to $90 million which matures in five years, with an accordion provision for an incremental $25 million. The facility is reduced to $60 million from late June to late October, consistent with the Company's reduced working capital needs during that period. PNC Capital Markets arranged the transaction, and PNC Bank is the lead agent of three participating lenders in this revolving credit facility.
• The new revolving credit facility bears interest on a floating rate basis, with an interest rate based on LIBOR plus an applicable margin contingent on Company performance.

The company's existing term debt facility, arranged by Ridgestone Bank of Brookfield, Wisconsin, remains in effect.

"Our new credit agreement  recognizes the success of our efforts to strengthen operations and deliver consistently improved financial performance, and also reaffirms the confidence of our lenders in our ability to achieve sustained, profitable growth long-term," said David W. Johnson, Vice President and Chief Financial Officer.

Johnson Outdoors is a leading global outdoor recreation company that manufacuters innovative, top-quality products.