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Interpublic amends loans to change financial covenants, get waiver of filing delays
By Sara Rosenberg
New York, April 5 - The Interpublic Group of Cos. amended its three-year and 364-day credit facilities, adding additional negative covenants, modifying the interest coverage ratio, debt to EBITDA ratio and minimum EBITDA covenants, and extending the maturity date of the 364-day facility to July 11 from May 9, according to an 8-K filed with the Securities and Exchange Commission Tuesday.
Furthermore, the company received a waiver of any default relating to inability to provide audited 2004 financial statements and file its 2004 10-K until June 30 and inability to provide unaudited financial statements for the first quarter of 2005 and file its 10-Q for that period until July 31.
The waiver also covers the restatements for periods ending before Dec. 31, 2004 and failure to comply with reporting requirements under Section 404 of the Sarbanes-Oxley Act of 2002 until March 1, 2006, the filing said.
Interpublic's interest coverage ratio was changed to no less than 3.75 to 1 for any fiscal quarter other than the quarters ended Dec. 31, 2004 and March 31, 2005 and no less than 3.00 to 1 for the quarter ended Dec. 31, 2004.
The debt to EBITDA ratio was changed to no greater than 3.25 to 1 for any fiscal quarter other than the quarters ended Dec. 31, 2004 and March 31, 2005 and no greater than 4.25 to 1 for the quarter ended Dec. 31, 2004.
Lastly, the minimum EBITDA covenant was changed to no less than $750 million for any fiscal quarter other than the quarters ended Dec. 31, 2004 and March 31, 2005 and no less than $550 million for the quarter ended Dec. 31, 2004.
The amendment and waiver is dated as of March 31.
Citibank is the agent on the credit facilities.
Interpublic is a New York-based group of advertising and specialized marketing and communication services companies.
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