Boise gets lender consents to amend loan, repurchase second-lien debt

By Sara Rosenberg

New York, Oct. 15 - Boise Inc. has received the required consents to amend its credit facility, allowing for the repurchase of second-lien term loans at a price of 113, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Substantially all of the second-lien holders consented to the repurchase.

The amendment also requires that $75 million of the first-lien term loan be repaid at par.

In addition, the amendment modifies financial covenants, revises mandatory first-lien prepayment requirements with respect to consolidated excess cash flow for the 2009 fiscal year, and contains authorizations related to the replacement of the administrative agent and collateral agent under the second-lien loan.

Boise is a Boise, Idaho-based manufacturer of packaging and paper products.

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