Global Edition

TearDrop Complete Loan Package

12.30pm 17th December 1999 - Corporate

TearDrop Golf has completed a $28 million (£17.5 million) finance package with Congress Financial and Textron Financial.

The agreement, originally reported last October, calls for a two-year package that includes term loans of approximately $6.6 million (£4 million) in addition to a revolving credit facility.

Company president and chief executive officer, Rudy Slucker, stated in a prepared statement: “This financing should enable TearDrop Golf to achieve our marketing plan for 2000 and complete the turnaround that began when we purchased Tommy Armour Golf and RAM Golf at the end of 1997. Our backlog of orders is strong and the acceptance of our new products has truly energised the entire company.”

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