iRobot Corp. has entered into a new credit agreement with the Bank of America, increasing the amount of its unsecured revolving line of credit from $75 million to $150 million. The agreement also extends the term of the credit facilities to June 2023.
According to the company, the new revolving line of credit is available to iRobot for general corporate purposes, including strategic acquisitions, procurement of new equipment and other assets, and facility improvements to accommodate the continued growth of the business. In addition to its existing cash and investments, the new credit facilities significantly increase the company’s access to financial resources for its working capital and expansion needs.
“This facility gives iRobot additional flexibility to execute on our growth strategy and is indicative of our commitment to our strategy and confidence in the financial strength of iRobot, and the growth of the emerging robotics industry,” said Alison Dean, evp/chief financial officer of iRobot.