THQ has announced a new four-year, asset-based credit facility that will provide the company with borrowings of up to $50 million for working capital requirements.
The credit facility is from Wells Fargo Capital Finance. As part of the new facility, THQ has now terminated its original $35 million credit agreement with the Bank of America.
The company noted that, during the upcoming peak sales period, the maximum borrowing total will be raised to $75 million.
THQ executive vice president Paul Pucino said of the move, "We are pleased to establish this new, larger credit facility with Wells Fargo."
"This new line, along with THQ's capacity to generate strong cash flows, provides the company with substantial financial flexibility as it executes on plans for growth in the coming years."
THQ revealed earlier this month
that the next title in its Homefront
first-person shooter series will be developed by Crysis