Flow amends loan, extending deadline to draw on term loan

By Sara Rosenberg

New York, Dec. 9 - Flow International Corp. amended its credit facility, extending the time by which it can draw on its term loan to fund the merger with OMAX, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The company now has until March 9, 2009 to draw on the term loan, as opposed to until Dec. 9.

In addition, the amendment increased pricing on the facility by 150 basis points. Pricing can now range from Libor plus 275 bps to 350 bps, depending on leverage.

The amendment was completed on Dec. 5.

Bank of America is the administrative agent on the deal.

Flow is a Kent, Wash.-based developer and manufacturer of ultrahigh-pressure waterjet and abrasive waterjet cutting and machining technology.

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