QC Holdings amends loan, modifying pricing, adding covenant

By Sara Rosenberg

New York, March 13 - QC Holdings Inc. amended its credit facility, revising pricing and adding a minimum ratio of consolidated current assets to total consolidated debt covenant, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Pricing on the $50 million term loan and $45 million revolver can now range from Libor plus 250 basis points to 350 bps, depending on leverage.

The newly added minimum ratio of consolidated current assets to total consolidated debt requirement is 1.0 to 1.0.

In addition, the amendment reduced the accordion feature of the credit agreement to $25 million from $50 million.

U.S. Bank is the agent on the deal that closed on Dec. 7.

The amendment was completed on March 7.

On March 10, U.S. Bank completed the syndication of the term loan and the revolver to a syndicate of seven banks.

QC is an Overland Park, Kan.-based provider of short-term consumer loans, known as payday loans.

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