Covenant Transportation amends loan, waiving leverage ratio

By Sara Rosenberg

New York, Sept. 4 - Covenant Transportation Group Inc. amended its credit facility, waiving from June 30 to Oct. 31 any default arising from non-compliance with the consolidated leverage ratio, according to an 8-K filed with the Securities and Exchange Commission Thursday.

In addition, the amendment added a covenant that requires the company to maintain minimum availability of $5 million.

The amendment was completed on Aug. 28.

Bank of America is the administrative agent on the deal.

Covenant Transportation is a Chattanooga, Tenn.-based provider of truckload carrier services.

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