* Enters new revolving loan agreement with PNC
* May borrow up to $30 million under new revolver
LOS ANGELES, Sept 30 Shoe maker Crocs Inc
(CROX.O) on Wednesday said it has secured up to $30 million in
revolving loans under a new credit agreement with PNC Financial
Services Group Inc (PNC.N).
Crocs, known for its brightly colored plastic clogs, has
been slashing inventory, reducing debt and boosting
profitability as part of a turnaround effort. Executives
recently said the former Wall Street darling could turn a
profit sometime next year. [ID:nN07399668]
Crocs said it entered the new asset-backed revolving credit
facility on Sept. 25. The financing may be used for working
capital needs and other items outlined in the agreement.
Russ Hammer, Crocs' chief financial officer, said the new
credit agreement would give the company the liquidity and
flexibility it needs for its turnaround.
Borrowings under the asset-based revolving credit facility
would be subject to variable rates of interest and would be
secured by all of the company's assets.
Shares in Crocs, which flirted with $70 in 2007, closed at
$6.65 on the Nasdaq, off 12 cents, or 1.8 percent, for
(Reporting by Lisa Baertlein; Editing by Gary Hill)