By Sara Rosenberg
New York, Nov. 16 - Maax Corp. amended its credit facility, changing interest rates and revising the interest coverage (see table 1) and leverage (see table 2) ratios, according to an 8-K filed with the Securities and Exchange Commission Wednesday.
Under the amendment, the applicable margin on the revolver and term loan A can now range from Libor plus 175 to 250 basis points, the revolver commitment fee can range from 35 to 50 bps and the applicable margin on the term loan B can now range from Libor plus 250 to 300 bps, based on leverage (see table 3).
The amendment was completed on Nov. 14.
Royal Bank of Canada is the administrative agent on the deal.
Maax is a Montreal-based bathtub and shower company.
Table 1: Interest Coverage Ratio
Fiscal Quarter Ending Interest Coverage Ratio
On or prior to Feb. 28, 2006 2.00:1.00
After Feb. 28, 2006 and on or prior to Aug. 31, 2006 1.85:1.00
After Aug. 31, 2006 and on or prior to May 31, 2007 1.90:1:00
After May 31, 2007 and on or prior to Aug. 31, 2007 2.25:1.00
After Aug. 31, 2007 and on or prior to Feb. 29, 2008 2.50:1.00
After Feb. 29, 2008 2.75:1.00
Table 2: Leverage Ratio:
Fiscal Quarter Ending Leverage Ratio
On or prior to May 31, 2005 6.00:1.00
Aug. 31, 2005 6.50:1.00
Nov. 30, 2005 6.00:1.00
Feb. 28, 2006 6.00:1.00
May 31, 2006 6.00:1.00
Aug. 31, 2006 6.00:1.00
Nov. 30, 2006 6.00:1.00
Feb. 28, 2007 5.75:1.00
May 31, 2007 5.50:1.00
Aug. 31, 2007 4.75:1.00
Nov. 30, 2007 4.50:1.00
Feb. 29, 2008 4.25:1.00
May 31, 2008 and thereafter 3.75:1.00
Table 3: Applicable Margin
| Leverage Ratio | Term A, Revolver Spread | Term B Spread | Revolver Commitment Fee
|
| > 5.25:1.00 | 2.50% | 3.00% | 0.50%
|
| < 5.25:1.00 - > 4.50:1.00 | 2.50% | 2.75% | 0.50%
|
| < 4.50:1.00 - > 3.50:1.00 | 2.25% | 2.75% | 0.50%
|
| < 3.50:1.00 - > 2.50:1.00 | 2.00% | 2.50% | 0.40%
|
| < 2.50:1.00 | 1.75% | 2.50% | 0.35%
|
|
|
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