Joy Global may need to amend credit facility

New York, Sept. 6 - Joy Global Inc. said it may need to seek an amendment to its credit facility because it may not meet covenant levels in the rest of 2002 and early 2003.

The Milwaukee, Wis. mining equipment company said in a filing with the Securities and Exchange Commission that based on its current expectations its operating results "for the balance of fiscal 2002 and for the first part of fiscal 2003 could fall below certain of the covenant levels" in its amended facility.

If that happens, the company said it would seek an amendment or waiver.

Joy Global's credit facility is a $250 million revolving facility due Oct. 31, 2005 with Deutsche Bank Trust Co. Americas.

On June 25, the company amended the facility, modifying covenants and clarifying some definitions and administrative items.

At August 3, outstanding borrowings under the facility were $35.0 million plus $71.6 million letters of credit.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.