Bank of America Business Capital Provides $250 Million Asset-Based Loan to ICON Health & Fitness

GLASTONBURY, Conn., Nov. 17 /PRNewswire/ -- Bank of America Business Capital, one of the world's largest asset-based lenders, announced today that it provided a $250 million revolving credit facility to ICON Health & Fitness, Inc., a leading manufacturer and marketer of home health and fitness equipment. The financing was used to refinance existing debt and provide working capital. Banc of America Securities syndicated the credit facility. Bank of America is also providing letters of credit as well as treasury management products and services. In addition, a $40 million second lien term loan was provided by Back Bay Capital, an affiliate of Bank of America.

"Bank of America Business Capital structured a total financing solution giving us the borrowing capacity to drive our business forward to meet customer needs," said ICON chairman and CEO David Watterson. "We should now have the liquidity to maximize the opportunities of our seasonal business."

"We delivered a creative loan structure that met ICON's unique borrowing needs," said Joyce White, president, Bank of America Business Capital. "The new facility should provide the financial flexibility for ICON to pursue its strategic growth plans in an industry with a favorable outlook."

Founded in 1977 as Weslo, Inc., West Logan, UT-based ICON Health & Fitness, Inc. (http://iconfitness.com/) is one of the largest manufacturers and marketers of fitness equipment in the world. The company has 11 manufacturing or assembling facilities in China, Europe, Canada, and the United States. Products include treadmills, incline trainers, elliptical machines, stationary bikes, home gyms, weight benches, yoga and Pilates equipment and other fitness accessories. The company holds nearly 200 patents for its innovations and technologies. ICON owns some of the best-known brands in the fitness industry, including NordicTrack, FreeMotion, ProForm, EPIC, HealthRider, Weider, Image and Weslo.

Bank of America Business Capital is one of the world's largest asset-based lenders, with 21 offices serving the United States, Canada and Europe. It provides companies with senior secured loans, cash management, interest rate, precious metals and foreign exchange risk management, and a broad array of capital markets products. Visit http://www.bofa.com/businesscapitalnews for more information.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.