Littleton-based equestrian products retailer Dover Saddlery has negotiated a new debt refinancing package that the company says will help it finance the rollout of new retail stores.
The company, which currently does business primarily through mail-order sales, is in the process of opening stores around the country.
The new credit and debt package increases the company’s senior line of credit from $16 million to $18 million and places it with RBS Citizens Bank. A consortium of sub-debt lenders, led by BCA Mezzanine Fund LP is providing a $5 million sub-debt facility, replacing a $3 million loan from Patriot Capital Funding LLC.
The company said the new package reduces its senior debt cost by 50 to 100 basis points.
