Daisytek amends loan, waiving non-compliance with financial covenants

By Sara Rosenberg

New York, Nov. 14 - Daisytek International Corp. amended its $250 million senior secured revolver, waiving compliance with fixed-charge coverage ratios and tangible net worth covenants for the second quarter of 2003. Bank of America is the lead manager of the syndicate.

"As we anticipated, our lenders have been very cooperative in adjusting certain terms of our credit facility to accommodate the short-term issues in our business. We are very appreciative of their continued support of our strategies for the future, in particular the pending roll-out of our U.S. office products expansion," said Ralph Mitchell, executive vice president and chief financial officer, in a news release.

Daisytek is an Allen, Tex. distributor of computer supplies, office products and accessories.

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