FirstCity amends loans, modifying covenants

By Sara Rosenberg

New York, July 18 - FirstCity Financial Corp. amended its credit facilities to revise covenants, according to an 8-K filed with the Securities and Exchange Commission Friday.

The company's revolver with Bank of Scotland and subordinate delayed-draw facility with Bank of Scotland were amended to require the company to maintain a ratio of net cash flow to total interest and fee expense of not less than 5.00 to 1.00 and a cash conversion rate of not less than 25%.

In addition, the company's subsidiary FH Partners LLC's revolver with Bank of Scotland was revised to require a ratio of net collections to total interest and fee expense of not less than 7.00 to 1.00 and a cash conversion rate of not less than 35%.

The amendment was completed on July 14.

FirstCity is a Waco, Texas-based financial services company.

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