Del Laboratories amends loan, increasing rates and maximum leverage ratio

By Sara Rosenberg

New York, Aug. 1 - Del Laboratories Inc. amended its credit facility, increasing interest rates and increasing the maximum leverage ratio, according to an 8-K filed with the Securities and Exchange Commission Monday.

The interest rate on the term loan was increased to Libor plus 275 basis points from Libor plus 225 bps, and the interest rate on the revolver was increased to Libor plus 300 bps from Libor plus 250 bps.

Furthermore, under the amendment, the definition of consolidated EBITDA was revised to include consultation fees and expense reimbursements associated with implementing process improvements and cost reductions being developed by Del in conjunction with the Synergetics Installations Worldwide Inc. consulting group.

The amendment was completed July 26.

JPMorgan is the administrative agent on the deal.

Del Laboratories is a Uniondale, N.Y., manufacturer, marketer and distributor of cosmetics and proprietary over-the-counter pharmaceuticals.

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