BEDFORD, Mass., July 6, 2018 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robotics, today announced that it has entered into a new credit agreement with the Bank of America, N.A., increasing the amount of its unsecured revolving line of credit from $75 million to $150 million. The agreement also extends the term of the credit facilities to June 2023.
The new revolving line of credit is available to iRobot for general corporate purposes, including strategic acquisitions, procurement of new equipment and other assets, and facility improvements to accommodate the continued growth of the business. In addition to its existing cash and investments, the new credit facilities significantly increase the company's access to financial resources for its working capital and expansion needs.
"This facility gives iRobot additional flexibility to execute on our growth strategy and is indicative of our commitment to our strategy and confidence in the financial strength of iRobot, and the growth of the emerging robotics industry," said Alison Dean, executive vice president and chief financial officer of iRobot.
About iRobot Corp.
iRobot, the leading global consumer robot company, designs and builds robots that empower people to do more both inside and outside of the home. iRobot created the home robot cleaning category with the introduction of its Roomba® Vacuuming Robot in 2002. Today, iRobot is a global enterprise that has sold more than 20 million robots worldwide. iRobot's product line, including the Roomba and the Braava® family of mopping robots, feature proprietary technologies and advanced concepts in cleaning, mapping and navigation. iRobot's engineers are building an ecosystem of robots and technologies to enable the smart home. For more information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.'s expectations concerning its growth and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.
SOURCE iRobot Corp.