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Wednesday, Feb 28, 2024

THQ Inc. Gets Credit From Wells Fargo

Video game publisher THQ Inc. will borrow up to $75 million after entering into a credit agreement with Wells Fargo Capital Finance LLC. The Agoura Hills-based company will use the money for working capital, letters of credit and general corporate purposes, the company said in a release. THQ will initially be able to borrow up to $50 million. That amount increases to $75 million during the upcoming peak sales period in November and December. “This new line, along with THQ’s capacity to generate strong cash flows, provide the company with substantial financial flexibility as it executes on plans for growth in the coming years,” said Executive Vice President and CFO Paul Pucino in a prepared statement. At the same time THQ received credit from Wells Fargo, the company cancelled its prior credit agreement with Bank of America, the company said.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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