Monitronics amends loan, cutting interest rates by 75 bps

By Sara Rosenberg

New York, April 1 - Monitronics International Inc. amended its credit facility, reducing interest rates on the revolving credit facility and term loan B by 75 basis points and reducing the commitment fee by 25 bps to 50 bps, according to an 8-K filed with the Securities and Exchange Commission Friday.

Furthermore, the maximum senior leverage ratio has been amended to 2.25:1.00 from 2.15:1.00, the maximum amount of capital expenditures permitted for the fiscal year ending June 30, 2005 has been increased to $6.0 million from $4.9 million and the mandatory reductions to the revolver have been removed.

Pricing on the term loan is Libor plus 350 bps if leverage is less than 2.75:1.00 and Libor plus 375 bps if leverage is greater than or equal to 2.75:1.00.

Pricing on the revolver is Libor plus 250 bps if leverage is less than 2.75:1.00, Libor plus 275 bps if leverage is greater than or equal to 2.75:1.00 but less than 3.00:1.00, Libor plus 300 bps if leverage is greater than or equal to 3.00:1.00 but less than 3.25:1.00 and Libor plus 325 bps if leverage is greater than or equal to 3.25:1.00, the filing said.

The Dallas-based alarm company's amendment closed on March 28.

Fleet National Bank is the administrative agent on the loan.

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