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FTD amends credit agreement to restrict combined usage, add covenant
By Marisa Wong
Morgantown, W.Va., May 17 – FTD Cos., Inc. entered into a ninth amendment on Thursday to its existing credit agreement with Bank of America, NA as administrative agent and Interflora British Unit as a borrower, according to an 8-K filing with the Securities and Exchange Commission.
Under the amendment, the borrowers’ combined usage under the revolving portion of the credit facility will be restricted to the following amounts: $170 million for the period from May 1 to May 10; $165 million for the period from May 11 to May 14; $80 million for the period from May 15 to May 16, $80 million for the period from May 17 to May 24; $85 million from the period from May 25 to June 1; $130 million for the period from June 2 to June 7; $135 million for the period from June 8 to June 14; $150 million for the period from June 15 to June 28; $155 million for the period from June 29 to July 5; and $167.5 million for the period from July 6 to the maturity date.
Borrowings in excess of $150 million from and after July 6 are subject to the borrowers’ 13-week cash forecast supporting any borrowing above that level.
The amendment also provides for a covenant requiring that, without prior written consent of the required lenders, none of the loan parties or their subsidiaries make any payments to employees or officers under any key employee incentive program or key employee retention program or other similar arrangement using any collateral or proceeds of any credit extensions, provided that this does not apply to sales incentive programs or commissions earned in the ordinary course of operations.
FTD is a floral wire service based in Downers Grove, Ill.
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