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The amendment includes a waiver of the financial covenant violation at 30 September 2008. Certain covenants at 31 December 2008 have also been reset.
Under the amended agreement the leverage ratio of debt to earnings before income, taxes, depreciation and amortisation (EBITDA), as defined by the credit agreement, has been increased. The fixed charge ratio has also been modified and the additional interest rate over the company's option of LIBOR or an alternate base rate has been increased.
The amount available under the facility will be reduced by USD25m in staged amounts by 30 April 2009, including USD10m through non-operating liquidity events.
The company currently has USD19m of availability remaining under the facility.
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