Golfsmith gets $135 million asset-based revolver, C$15 million loan

By Sara Rosenberg

New York, July 24 - Golfsmith International Holdings Inc. closed on a new five-year credit facility that consists of a $135 million asset-based revolver and a C$15 million first-in last-out term loan, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

GE Capital Markets is the administrative agent on the deal.

Proceeds are being used to refinance existing bank debt and for working capital, capital expenditures and general corporate purposes.

The deal was done in connection with the company's merger with Golf Town, which was completed on Tuesday.

The combined company, which will operate under the Golfsmith name, is an Austin, Texas-based golf specialty retailer.

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