Saga President and CEO Ed Christian said, "I believe that that closing on this facility is great for our stockholders as it provides us a solid commercial banking facility upon which to build Saga's future." The facility includes a $60 million term loan and a $60 million revolving loan. The loan facility was initially funded in the amount of $92.1 million. The Company intends to reduce the balance outstanding by $4.1 million on June 16, 2011 leaving a balance of $88 million drawn on the combined term and revolving facilities at that time.
