New York, June 14 - FastenTech, Inc. said it completed an amendment to its senior secured credit facility that increases the size to $150 million from $115 million and extends the maturity to May 1, 2010 from May 1, 2008.
The amended facility has a $25 million accordion option.
Interest is at Libor plus 225 to 300 basis points, depending on financial performance.
J.P. Morgan Securities Inc. and National City Bank were joint bookrunners and lead arrangers, Key Bank NA was co-arranger, co-syndication agent and co-documentation agent, LaSalle Bank NA was co-documentation agent and National City Bank was co-syndication agent. JP Morgan Chase Bank NA is the administrative agent.
The facility also includes covenants (see table).
FastenTech, a Minneapolis-based specialty components manufacturer, described the terms as similar to its previous credit facility.
Covenants in FastenTech's credit facility
Period | Total leverage | Minimum EBITDA | Interest coverage
|
To Sept. 30, 2005 | 5.00x | $47.0 million | 1.75x
|
Oct. 1, 2005 to Sept. 30, 2006 | 4.75x | $49.0 million | 2.00x
|
Oct. 1, 2006 to Sept. 30, 2007 | 4.50x | $52.0 million | 2.00x
|
Oct. 1, 2007 to Sept. 30, 2008 | 4.25x | $54.0 million | 2.25x
|
Oct. 1, 2008 onwards | 4.00x | $56.0 million | 2.25x
|
|
© 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.