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Finance

THQ increases credit limit to $75 million

Wed 28 Sep 2011 9:41am GMT / 5:41am EDT / 2:41am PDT
BusinessFinance

Homefront publisher enters new agreement with Wells Fargo

Homefront publisher THQ has taken out a new credit agreement with Wells Fargo for borrowings up to $50 million for working capital, increasing to $75 million during peak sales periods.

The four-year, asset-based deal replaces the $35 million credit agreement the company had with Bank of America, which has been terminated with no outstanding borrowings or letters of credit.

"We are pleased to establish this new, larger credit facility with Wells Fargo," offered Paul Pucino, THQ's chief financial officer. "This new line, along with THQ's capacity to generate strong cash flows, provide the company with substantial financial flexibility as it executes on plans for growth in the coming years."

THQ has been reducing headcount and closing internal studios over the last three years, instead choosing to work alongside external creators such as Crytek and Left 4 Dead team Turtle Rock Studios.

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