Orchard Supply Hardware gets waiver of term loan leverage covenant

By Sara Rosenberg

New York, Oct. 31 - Orchard Supply Hardware Stores Corp. entered into a waiver under its term loan permitting non-compliance with the maximum adjusted leverage ratio for the fiscal quarter ended Oct. 27, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

In addition, the waiver says that pricing on the term loan B-2 will be increased by 50 basis points if $59.2 million of the tranche is outstanding at Jan. 31, 2013 and pricing on the term loan B-1 will be increased by 50 bps if any of the tranche is outstanding at Jan. 31, 2013.

JPMorgan Chase Bank is the administrative agent on the deal.

The waiver was obtained on Oct. 26.

Orchard Supply is a San Jose, Calif.-based hardware retailer.

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