Coast Distribution gets credit extension

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Coast Distribution System today reported it reached an agreement with Bank of America that extends the maturity date of the company's existing senior secured bank revolving credit facility from May 10, 2010, to July 10, 2011.

Coast is one of North America's largest aftermarket suppliers of replacement parts, accessories and supplies for the boat, RV and outdoor recreation industries.

The amendment also revises certain terms and covenants of the credit facility to reflect current economic and market conditions.

"We are very pleased to have successfully extended this important borrowing facility, which provides us with the financial support and flexibility needed to take advantage of the opportunities that lie ahead for Coast," Coast CEO Jim Musbach said in a statement.

"We appreciate the confidence Bank of America has demonstrated in our business by continuing to work as an integral part of our capital structure. We have a leaner, stronger company, and this agreement provides the necessary financial resources to ensure our company can continue to capture market share and position ourselves for the eventual economic recovery," he added.

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