Pope & Talbot amends loan, waiving adjusted EBITDA to interest expense covenant

By Sara Rosenberg

New York, March 31 - Pope & Talbot Inc. amended its revolving credit facility, waiving compliance with the ratio of adjusted EBITDA to interest expense as of March 31, according to 10-K filed with the Securities and Exchange Commission Friday.

In addition, under the amendment, the company agreed to pledge its unencumbered Canadian sawmills as additional security.

Furthermore, the amendment calls for the conversion of the company's C$180 million revolver due July 29 and its C$100 million revolvers into one-year term loans upon maturity.

The amendment was completed on March 29.

Pope & Talbot is a Portland, Ore.-based pulp and wood products company.

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