Tweeter Home Entertainment gets commitment for new $110 million revolver

By Sara Rosenberg

New York, Jan. 30 - Tweeter Home Entertainment Group Inc. received a commitment for a $110 million three-year revolver from Fleet National Bank. The loan, which will replace the existing facility, is expected to close within the next six to eight weeks.

Furthermore, the company received a waiver of its EBITDA covenant for the December quarter and amended its existing credit agreement to adjust covenants to match current forecasts for the balance of the year, a news release said.

In exchange for the amendment, the interest rate on the revolver was increased by 25 basis points.

Tweeter Home Entertainment is Canton, Mass. specialty retailer of mid-to high-end audio and video consumer electronics products.

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