K2 gets $250 million amended and restated revolver

By Sara Rosenberg

New York, Feb. 24 - K2 Inc. closed on a $250 million five-year amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Friday.

JPMorgan acted as lead arranger and sole bookrunner on the deal, General Electric Capital Corp. acted as syndication agent, and Bank of America and Wells Fargo acted as co-documentation agents.

Through the amendment and restatement, the company was able to reduce the interest rate and unused fees, and some affirmative and negative covenants were changed to provide increased flexibility, including, covenants relating to financial reporting, sale or disposition of assets, incurrence of other debt, permitted investments and restricted payments or dividends.

The revolver, which closed Feb. 21, contains a $100 million accordion feature.

K2 is a Carlsbad, Calif.-based sporting goods company.

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