Nu Horizons amends loan to lower size, waive covenant non-compliance

By Sara Rosenberg

New York, April 29 - Nu Horizons Electronics Corp. amended its bank facility, reducing the credit line to $120 million from $150 million and waiving non-compliance with certain covenants, according to a 10-K filed with the Securities and Exchange Commission on Wedensday.

The company was in breach of these covenants at Feb. 28.

In addition, the amendment increased pricing on the revolver to Libor plus 350 basis points and the commitment was raised to 50 bps from 25 bps.

The amendment was completed on April 27.

Nu Horizons is a Melville, N.Y.-based distributor of active and passive electronic components.

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