Business
MasterCraft Boat Holdings, Inc. Announces Partial Repayment of Revolving Credit Agreement
VONORE, Tenn., July 01, 2020 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced that it repaid $25 million of its revolving
About this update from Mastercraft Boat Holdings, Inc.
[{"type":"text","content":"VONORE, Tenn., July 01, 2020 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced that it repaid $25 million of its revolving credit agreement on Tuesday, June 30, 2020. In March 2020, the Company drew down $35 million of its revolving credit agreement as a precautionary measure in order to increase its cash position and preserve financial flexibility in response to the uncertainty in the global markets resulting from the COVID-19 pandemic.\n Tim Oxley, Chief Financial Officer, commented, “When we originally accessed our revolving credit agreement, we did so in response to the unprecedented uncertainty caused by the COVID-19 pandemic. Although there remains uncertainty over the long-term economic impact of the COVID-19 pandemic, the performance of the business to-date and our cash management activities allow us the flexibility to make this paydown while maintaining a healthy liquidity position.” About MasterCraft:MasterCraft is a world-renowned innovator, designer, manufacturer, and marketer of premium performance sport boats. Founded in 1968, MasterCraft has cultivated its iconic brand image through a rich history of industry-leading innovation, and more than four decades after the original MasterCraft made its debut, the company’s goal remains the same - to continue building the world’s best ski, wakeboard, wake surf and luxury performance powerboats. About MasterCraft Boat Holdings, Inc. Headquartered in Vonore, TN, MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of premium recreational powerboats through its four wholly owned brands, MasterCraft, NauticStar, Crest and Aviara Boats. Through these four brands, MasterCraft Boat Holdings has leading market share positions in three of the fastest-growing segments of the powerboat industry – performance sport boats, outboard saltwater fishing, pontoon boats - while entering the large, growing luxury day boat segment. For more information about MasterCraft Boat Holdings, please visit http://investors.mastercraft.com, www.MasterCraft.com, www.NauticStarBoats.com, www.CrestPontoonBoats.com, and www.AviaraBoats.com. Forward-Looking StatementsThis press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking stat...