Salt Lake City-based outdoor company Kent Outdoors secured a $90 million asset-based revolving credit facility from PNC Business Credit.
According to a news release, this financing is intended to support the company’s operations and provide additional liquidity.
“This financing gives Kent the resources to manage seasonal demand, maintain partnerships with vendors and retailers, and continue supporting its outdoor brands,” said Kent Outdoors CEO Randy Hales in a statement. “We believe the favorable terms from PNC reflect strong confidence in Kent and reinforce our foundation, allowing us to focus on our long heritage of delivering innovative, reliable sporting-goods equipment to outdoor enthusiasts and expand our category leadership.”
The multi-year facility carries a variable interest rate based on the Secured Overnight Financing Rate (SOFR) plus an applicable margin, is secured by the company’s assets, and includes customary financial covenants.
Kent Outdoors operates a platform of watersports and winter sports brands including HO/Hyperlite, Connelly, O’Brien, Liquid Force, BOTE, Onyx, Aquaglide and Arbor Snowboards (managed by agreement with the Arbor Collective).
“Kent has a portfolio of best-in-class brands synonymous with outdoor adventures, a loyal customer base, and a clear vision for the future,” said Tim Derry, regional executive at PNC Business Credit. “We appreciate being trusted to deliver critical financing that supports the execution of their growth strategy.”
