Escalade lifts maximum availability under revolver to $90 million

By Mary-Katherine Stinson

Lexington, Ky., Oct. 27 – Escalade, Inc. and its wholly owned subsidiary Indian Industries, Inc. entered into a second amendment on Oct. 26 to their amended and restated credit agreement dated Jan. 21, 2022 with JPMorgan Chase Bank, NA as administrative agent and a lender, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the maximum availability under the senior revolving credit facility to $90 million from $75 million, utilizing the accordion feature.

The maturity date of the revolver remains Jan. 21, 2027.

The amendment also adjusted the funded debt to EBITDA ratio financial covenant to 3.25x as of the end of the company’s third and fourth fiscal quarters of 2022 and 3x as of the end of the first fiscal quarter of 2023.

The EBITDA definition was also modified to permit add-backs of up to $2 million for disposition-related expenses and up to $2 million for unusual or non-recurring expenses incurred prior to the end of fiscal year 2023 and subject to the approval of the administrative agent.

Escalade manufactures and distributes sporting goods and indoor and outdoor recreational equipment. The company is based in Evansville, Ind.

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