On April 9, 2014, Nu Skin Enterprises, Inc. (the Company) entered into a loan agreement with Bank of America, N.A. for a 364 day revolving line of credit with a commitment amount of $50.0 million.
As previously disclosed in the Company's periodic filings, the Company entered into a similar loan agreement in September 2013 with Bank of America, N.A. for a 364 day revolving line of credit with a commitment amount of $50.0 million.
To date, the Company has borrowed approximately $34 million under the September 2013 line of credit. The Company may use the proceeds of the loans for general business purposes and stock repurchases. The loan agreements set forth the method for determining applicable interest rates and fees, include customary covenants and default provisions and require repayment of any outstanding principal, interest or other charges in full on or before the expiration date of the respective loan agreement.
In addition to the revolving lines of credit, Bank of America, N.A. provides other banking services to the Company.
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