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American Italian Pasta amends facility to extend reporting deadlines, pays down $25.1 million portion
By Jennifer Chiou
New York, Dec. 31 - American Italian Pasta Co. said it amended its senior credit facility to extend certain financial reporting covenants and lower the interest rate to Libor plus 550 basis points from Libor plus 600 bps upon delivery of audited financial statements.
The company now has until June 30 to deliver its fiscal 2005, 2006 and 2007 audited financial statements. Under the facility, the company was required to deliver the statements by Dec. 31.
On March 13, 2006, the company closed on the new $295 million five-year facility, consisting of a $265 million term loan and a $30 million revolver.
The company also noted that after a $25.1 million paydown, the balance of the term loan is $239.9 million. American Italian said that its $30 million revolving loan, as reduced by $4.8 million of outstanding letters of credit, allows for available liquidity of $25.2 million.
Bank of America was arranger and the administrative agent on the deal.
The new facility replaced a $290 million senior credit facility that would have expired on Oct. 2.
American Italian is a Kansas City, Mo.-based producer and marketer of dry pasta.
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