Brookfield-based Ridgestone Bank recently assisted Johnson Outdoors Inc., a Racine based publicly traded company, in restructuring its long-term debt. The bank provided Johnson Outdoors with nearly $16 million in guaranteed term financing through the U.S. Department of Agriculture’s Business & Industry Loan Guarantee program, which is designed to create and maintain employment and improve economic and environmental climates in rural communities. Ridgestone Bank is a national leader in providing USDA B&I financing.
“Johnson Outdoors benefited with a restructuring of the company’s balance sheet”, said Bruce Lammers, CEO of Ridgestone Bank. “Ridgestone Bank was able to identify five Johnson Outdoors plants throughout the United States that qualified for the USDA program.”
Ridgestone Bank worked in conjunction with Pittsburgh-based PNC Capital, which led a syndication of banks and provided Johnson Outdoors with a $69 million revolving credit facility.
Collectively, the loans to Johnson Outdoors will provide added liquidity while saving 40 percent of their borrowing costs when compared to fiscal year 2009.