Monster Worldwide amends, getting new $50 million term loan

By Sara Rosenberg

New York, Sept. 3 - Monster Worldwide Inc. amended its credit facility, providing for a new $50 million term loan due Dec. 21, 2012, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Proceeds from the term loan were used to pay down revolver borrowings so that there is now $47 million left outstanding under the revolver.

Pricing on the new term loan and the revolver can range from Libor plus 300 basis points to 400 bps based on the consolidated leverage ratio.

The revolver also has a commitment fee that can range from 50 bps to 75 bps based on leverage.

In addition, the amendment increased the maximum consolidated leverage ratio to 3.50:1.00 for the period beginning on Aug. 31 and ending on Sept. 29, 2010, 3.00:1.00 for the period beginning on Sept. 30, 2010 and ending on Sept. 29, 2011, and 2.75:1.00 beginning on Sept. 30, 2011 and any time thereafter.

The amendment was completed on Aug. 31.

Bank of America is the administrative agent on the deal.

Monster is a New York-based provider of online employment services.

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