Item 1.01. Entry into a Material Definitive Agreement.
The following amendments were made to the quarterly financial covenants to which the Company is subject (all financial terms, numbers and ratios are as defined in the Senior Secured Credit Facility, as amended by the fourth amendment):
•On a rolling twelve-month basis, the Total Net Leverage Ratio, defined as
consolidated net indebtedness to consolidated EBITDA, shall not exceed (i) 4.25
to 1.00 for the quarters ending
•On a rolling twelve-month basis, the Total Leverage Ratio, defined as
consolidated total indebtedness to consolidated EBITDA, shall not exceed 3.75 to
1.00 for the quarter ending
The Senior Secured Credit Facility remains secured by substantially all of the unencumbered assets of the Company. The Senior Secured Credit Facility also requires the Company to provide additional collateral to the lenders in certain limited circumstances.
The foregoing description of the fourth amendment to the Company's Senior Secured Credit Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the fourth amendment to the Company's Senior Secured Credit Facility, which is attached as Exhibit 4 to this Current Report on Form 8-K and is incorporated herein.
A copy of the press release announcing the closing of the fourth amendment to the Company's Senior Secured Credit Facility is attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
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Item 9.01. Financial Statements and Exhibits.
(a)Not applicable. (b)Not applicable. (c)Not applicable.
(d)Exhibits. The exhibits listed in the exhibit index below are being filed herewith:
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