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Foster Wheeler amends covenants, makes $10 million principal repayment
New York, March 25 - Foster Wheeler Ltd. amended its credit agreement, generally easing covenants.
The Clinton, N.J. company was required to make a $10 million principal repayment as part of the amendment.
The amendment reduces Foster Wheeler's minimum required EBITDA (see table 1) and mostly raises the maximum senior debt ratio (see table 2).
The amendment was entered into on March 24.
Bank of America, NA is the administrative agent for the facility and Banc of America Securities LLC is lead arranger and book manager.
Table 1: Foster Wheeler's new minimum EBITDA covenant
Period Previous minimum New minimum
Four fiscal quarters ended closest to March 31, 2003 $81,700,000 $75,304,000
Four fiscal quarters ended closest to June 30, 2003 $92,417,000 $65,005,000
Four fiscal quarters ended closest to Sept. 30, 2003 $101,378,000 $62,409,000
Four fiscal quarters ended closest to Dec. 31, 2003 $101,726,000 $65,096,000
Four fiscal quarters ended closest to March 31, 2004 $111,693,000 $71,637,000
Four fiscal quarters ended closest to June 30, 2004 $121,660,000 $78,801,000
Four fiscal quarters ended closest to Sept. 30, 2004 $131,627,000 $77,351,000
Four fiscal quarters ended closest to Dec. 31, 2004 $141,594,000 $75,598,000
Four fiscal quarters ended closest to March 31, 2005 $143,243,000 $78,844,000".
Table 2: Foster Wheeler's new senior debt ratio covenant
Period Previous maximum New maximum
March 31, 2003 to June 30, 2003 6.05 5.55
June 30, 2003 to Sept. 30, 2003 5.35 7.05
Sept. 30, 2003 to Dec. 31, 2003 4.85 7.35
Dec. 31, 2003 to March 31, 2004 4.85 7.00
March 31, 2004 to June 30, 2004 4.40 6.40
June 30, 2004 to Sept. 30, 2004 4.05 5.80
Sept. 30, 2004 to Dec. 31, 2004 3.75 5.90
Dec. 31, 2004 to March 31, 2005 3.50 6.05
March 31, 2005 to June 30, 2005 3.45 5.85
Note: periods are from the last day of the fiscal quarter ended close to the first date shown through the day before the last day of the fiscal quarter ended closest to the second data shown.
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