THQ announces $35 million bank credit facility
THQ announced today that it has amended and restated its worldwide credit facility with Union Bank of California to reflect its strong balance sheet.
The facility provides for cash advances and/or letter of credit issuances under the company’s credit line of up to $35 million during the company’s peak selling season, and up to $20 million outside of the peak season.
THQ’s primary use of this line of credit will be to issue letters of credit for domestic and international product purchases.
“Our strong balance sheet allows us to internally fund anticipated growth. This credit facility will enable us to issue letters of credit with key product suppliers, optimising our cash management activities,” stated Fred Gysi, senior vice president of finance and administration and CFO, THQ. “We are pleased to continue our excellent relationship with Union Bank.”
THQ’s primary use of this line of credit will be to issue letters of credit for domestic and international product purchases.
“Our strong balance sheet allows us to internally fund anticipated growth. This credit facility will enable us to issue letters of credit with key product suppliers, optimising our cash management activities,” stated Fred Gysi, senior vice president of finance and administration and CFO, THQ. “We are pleased to continue our excellent relationship with Union Bank.”
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