Fleetwood amends revolver to up size, modify EBITDA covenant

By Sara Rosenberg

New York, March 3 - Fleetwood Enterprises Inc. amended its revolving credit facility, increasing the size to $175 million from $150 million with an additional seasonal increase to $200 million during October through April, and addressing a potential shortfall against the EBITDA covenant, according to a company news release.

Based on results from the third quarter fiscal 2005, Fleetwood would have been out of compliance with the previous version of the EBITDA covenant.

The amendment also raised the limitation on borrowing against inventory within the company's asset borrowing base to $110 million from $85 million, with a seasonal increase to $135 million for the December through April time period.

Fleetwood is a Riverside, Calif., manufacturer of recreational vehicles and a producer and retailer of manufactured housing.

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