On September 29th, Ridgestone Bank completed funding of nearly $16 million in USDA Guaranteed term financing for Johnson Outdoors, Inc. Johnson Outdoors, a publicly traded company, is a leading manufacturer of outdoor sporting goods products.
The United States Department of Agriculture's Business & Industry Loan Guarantee program is designed to create and maintain employment and improve economic and environmental climates in rural communities by expanding the existing private credit systems to make and service quality loans to provide lasting community benefits. Ridgestone Bank is a national leader in providing USDA B&I financing.
Working in conjunction with Ridgestone Bank was PNC Capital. PNC Capital leads a syndication of banks and provided Johnson Outdoor with a $69 million revolving credit facility.
Collectively the loans to Johnson Outdoors will provide added liquidity while saving 40 percent of their borrowing costs when compared to Fiscal Year 2009.
"Johnson Outdoors benefited with a restructuring of the company's balance sheet. Ridgestone Bank was able to identify five Johnson Outdoors plants throughout the United States that qualified for the USDA program," stated Bruce Lammers, CEO of Ridgestone Bank.
About Johnson Outdoors
Headquartered in Racine, Wisconsin, Johnson Outdoors Inc. is an international outdoor recreation company that designs, manufactures and markets a portfolio of brands across four divisions: Watercraft, Marine Electronics, Diving and Outdoor Equipment.
The United States Department of Agriculture's Business & Industry Loan Guarantee program is designed to create and maintain employment and improve economic and environmental climates in rural communities by expanding the existing private credit systems to make and service quality loans to provide lasting community benefits. Ridgestone Bank is a national leader in providing USDA B&I financing.
Working in conjunction with Ridgestone Bank was PNC Capital. PNC Capital leads a syndication of banks and provided Johnson Outdoor with a $69 million revolving credit facility.
Collectively the loans to Johnson Outdoors will provide added liquidity while saving 40 percent of their borrowing costs when compared to Fiscal Year 2009.
"Johnson Outdoors benefited with a restructuring of the company's balance sheet. Ridgestone Bank was able to identify five Johnson Outdoors plants throughout the United States that qualified for the USDA program," stated Bruce Lammers, CEO of Ridgestone Bank.
About Johnson Outdoors
Headquartered in Racine, Wisconsin, Johnson Outdoors Inc. is an international outdoor recreation company that designs, manufactures and markets a portfolio of brands across four divisions: Watercraft, Marine Electronics, Diving and Outdoor Equipment.