LeapFrog gets $75 million asset-based revolver led by Bank of America

By Sara Rosenberg

New York, Aug. 13 - LeapFrog Enterprises Inc. closed on a $75 million amended and restated three-year asset-based revolving credit facility on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America is the agent on the deal.

Initial pricing on the revolver is Libor plus 400 basis points. After six months, the interest rate will vary based on borrowing availability.

There is a $75 million accordion feature.

If certain borrowing-availability thresholds are not met, the company must maintain a ratio of EBITDA to fixed charges of at least 1.1 to 1.0.

Proceeds were used to replace the company's previous $100 million credit facility.

LeapFrog is an Emeryville, Calif.-based provider of technology-based educational platforms.

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