Catalina extends, reduces credit facility

New York, Sept. 26 - Catalina Marketing Corp. said it reached agreement with its bank group to extend its credit facility for 60 days to Nov. 24.

As part of the agreement, the facility is cut in size to $30 million from $150 million.

The St. Petersburg, Fla. behavior-based marketing services company said it expects to make "significant progress" in the 60 days towards returning to full compliance with its financial reporting obligations. Catalina will be hiring a new independent auditor.

"The $30 million commitment by our banks is an appropriate level based on our short and mid-term financial projections and needs," said Daniel D. Granger, chairman and chief executive officer, in a news release. "The combination of our current cash balances, operating cash flow and our credit facility provide us with the necessary liquidity to continue to operate our business consistent with our operating plan."

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