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Park City’s Nutraceutical closes revolving credit deal

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PARK CITY — Nutraceutical International Corp. said Tuesday it has closed a new five-year, $60 million revolving credit facility with Rabobank International as lead bank and with KeyBank, Wells Fargo Bank and Zions Bank as participating banks.

Initial borrowings of $23.5 million under the new facility were used to repay Nutraceutical's outstanding balance owed under its prior credit agreement, which was scheduled to mature in January 2003.

Les Brown, Nutraceutical's senior vice president and chief financial officer, said the new facility "assures us long-term, flexible financing to pursue our stated business strategies, which include increasing market share in the 'Healthy Foods Channel,' developing innovative new products, capitalizing on international growth and pursuing acquisition opportunities."

Nutraceutical manufactures and markets nutritional supplements.