Dynamic Details amends senior credit facility to waive or reset financial covenants

By Sara Rosenberg

New York, June 28 - DDi Corp. said its Dynamic Details Inc. subsidiary amended its senior credit facility effective June 28. Under the amendment, financial covenants are waived or reset through Dec. 31, 2003 and two new covenants relating to liquidity and minimum revenues were established.

The amendment applies to $73 million in outstanding term loans and a $50 million revolver, which was reduced from $75 million as part of the credit agreement modification, the company said. The loans mature between July 2004 and April 2005. Interest rates and repayment schedules remained the same.

"We are pleased with the outcome of the discussions that we initiated with JPMorgan Chase Bank and our bank syndicate. Their willingness to provide us with flexibility during a protracted, soft end market illustrates the strength of our ongoing relationship with the loan syndicate and its support for DDi Corp.," said Bruce McMaster, chief executive officer, in a news release. "The amendment to the credit facility should provide us with the financial flexibility to sustain our current operations in this challenging economic environment."

DDi is an Anaheim, Calif. provider of time-critical, technologically advanced, design, development and manufacturing services.

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