Enesco amends loan, changing covenants, increasing size

New York, Aug. 31 - Enesco Group Inc. amended its U.S. credit facility, changing the minimum EBITDA and capital expenditure covenants through the termination date of Dec. 31, 2005 and increasing the size to $75 million from the previous $50 million to $70 million.

The new covenants reflect the company's forecast and "long-term partnership with Bank of America, as successor to Fleet National Bank, and LaSalle Bank."

Enesco added that it is "aggressively" pursuing a replacement senior credit facility.

The amendment also added the accounts receivable and inventories of Enesco Ltd., Enesco Holdings Ltd. and Bilston & Battersea Enamels Ltd., and the accounts receivable of Enesco International (H.K.) Ltd. as eligible collateral to the borrowing base and reduced the advance rate on inventory from 50% to 33%.

Enesco is an Itasca, Ill., producer of fine gifts, collectibles and home decor accessories.

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