LoJack Corporation (Nasdaq: LOJN) reported today that on December 29, 2009 the company entered into a multi-currency revolving credit agreement for USD$30 million, replacing its prior multi-currency credit agreement. Under the new agreement, RBS Citizens, N.A. will act as administrative agent and lender, and TD Bank, N.A. will act as lender and issuing bank. The company has the right to increase the aggregate amount available to be borrowed to USD$50 million, subject to certain conditions. The new credit agreement terminates on December 29, 2011.
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Ronald V. Waters, President and Chief Executive Officer said, "We are pleased with the support from our lenders. This agreement provides us the financial resources and flexibility to continue investing in our strategic programs, which will deliver long term growth by leveraging our strong brand and diversifying the business. We will continue to actively manage our cost structure and align it with the current size of our business."
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