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Intermec lowers facility's leverage cap, minimum EBITDA requirement
By Angela McDaniels
Tacoma, Wash., Feb. 20 - Intermec, Inc. amended two financial covenants of its credit facility with Wells Fargo Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.
The maximum total debt-to-EBITDA ratio was reduced to 2 times from 2.5 times for each quarter of 2013. The cap remains unchanged at 2.5 times for each subsequent quarter.
The minimum adjusted EBITDA requirement was reduced to $35 million from $40 million for the trailing 12 months ended with the fourth quarter of 2012 and to $35 million from $45 million for the trailing 12 months ending with each quarter of 2013. It remains unchanged at $45 million for the subsequent quarters.
The amendment was completed on Feb. 14.
Intermec is an Everett, Wash.-based workflow performance company.
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