Harris Consolidates Debts; SPAR Gets Credit

Harris Interactive has announced a new financing plan reducing its lenders from five to one and extending its revolving line of credit by three more years to 2013. Separately, marketing services firm SPAR Group has secured a $6.5m revolving credit facility for growth and possible acquisitions.

Harris says its new agreement, finalized on June 30, maintains its $5m line of credit and modifies or eliminates certain financial covenants. The principal amount of debt outstanding is around $15.6m, and from September 30 the firm must make quarterly payments of $1.2m, with all remaining amounts payable in full on September 30, 2013. President and CEO Kimberly Till says the deal 'strengthens our capital structure, improves our financial flexibility, and enables us to achieve better pricing over time', reflecting well on 'the progress we have made in the past year'.


Meanwhile US retail merchandising and marketing services firm SPAR Group, Inc. has announced the agreement with of a $6.5 million revolving credit facility for use as working capital, to fuel domestic growth strategy and to fund further acquisitions in the US and internationally.

SPAR's services aim to help companies improve their sales, operating efficiency and profits at retail locations and include in-store events, RFID technology services and marketing research covering all product and trade classifications, in addition to logistics and store set-up services.

The new agreement, with Sterling National Bank, replaces SPAR's existing line of credit. President and CEO Gary Raymond says the funds will provide the firm with 'much needed flexibility to fuel the growth of our Company through acquisitions.'

The company operates throughout the United States and eleven major countries, and is online at www.sparinc.com .