Tredegar amends credit agreement to remove negative covenant

By Toni Weeks

San Luis Obispo, Calif., April 2 – Tredegar Corp. entered into the second amendment to its $350 million credit agreement on March 31 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment removes the negative covenant prohibiting consolidated stockholders’ equity to be less than $320 million at any time, increased on a cumulative basis at the end of each fiscal quarter beginning with the quarter ending March 31, 2012, by an amount equal to 50% of consolidated net income for the fiscal quarter then ended.

Tredegar is a Richmond, Va.-based manufacturer of plastic films and aluminum extrusions.

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