Salton amends loan, providing additional capacity, extending maturity

By Sara Rosenberg

New York, Aug. 13 - Salton Inc. amended its senior secured credit facility to gain additional borrowing capacity and extend the maturity date to Dec. 31, 2008, according to a news release.

In addition, the amendment once again extends, subject to certain conditions, the date on which the combined outstanding amount of existing overadvances must be reduced to Nov. 10.

Wells Fargo Foothill is the administrative agent on the deal.

"The additional proceeds from this facility will be used to ensure that we meet our obligations to our vendor partners so that we can deliver on our commitments to our customers in the coming months. While our primary focus is on ensuring the supply of products to our customers, management and our board of directors continue to actively explore and evaluate a number of strategic alternatives," said William Lutz, chief executive officer and chief financial officer, in the release.

Salton is a Lake Forest, Ill., designer, marketer and distributor of small appliances, home decor and personal care products.

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