iRobot Increases Revolving Line of Credit to $75 Million Jul 14, 2011

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iRobot Corp., maker of home appliance and military robots, signed a two-year extension to its existing credit agreement with Bank of America and increased the amount of its unsecured revolving line of credit from $40 million to $75 million. The agreement extends the term of the company's credit facilities for an additional two years from June 2012 to June 2014.

The revolving line of credit is available to the company for general corporate purposes, including strategic acquisitions. With its existing cash and investments, the additional credit capacity will significantly increase the company's access to the financial resources for working capital and expansion needs.

"This facility gives iRobot additional flexibility to execute on our growth strategy including pursuing acquisitions that will expand penetration of our current markets or give us access to new markets and customers," said John Leahy, executive vice president and chief financial officer of iRobot. "The increase and extension of this credit facility demonstrate Bank of America's confidence in the overall financial strength of iRobot and our potential growth opportunities."

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