Rockwood amends loan, extending term debt, changing leverage ratio

By Sara Rosenberg

New York, June 15 - Rockwood Holdings Inc. amended its senior secured credit facility, extending some term loans and revising the leverage covenant, according to a news release.

Under the amendment, the company extended the maturity of $1.22 billion of its outstanding terms loans to 2014 from 2012.

The company agreed to change pricing in line with current market conditions for both the extended and non-extended portion of the term loans.

The leverage ratio was changed to 4.4 from 4.25. The new limit will decline to 4.00 at the end of 2010.

"This amendment will strengthen our balance sheet and extend the maturity of most of our senior secured debt. This will also allow us to continue to pursue our stated long-term strategy for Rockwood as we move forward," said Seifi Ghasemi, chairman and chief executive officer, in the release.

Rockwood is a Princeton, N.J.-based specialty chemicals and advanced materials company.

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