Morris Publishing amends loan, relaxing financial covenants

By Sara Rosenberg

New York, July 6 - Morris Publishing Group LLC amended its credit facility, relaxing the minimum interest coverage (see table 1), minimum fixed-charge coverage (see table 2) and maximum cash flow ratios (see table 3) for an 18-month period from and including June 30 through, but excluding, Dec. 31, 2008, according to an 8-K filed with the Securities and Exchange Commission Friday.

The amendment was completed on July 3.

JPMorgan is the administrative agent on the deal.

Morris Publishing is an Augusta, Ga., newspaper and magazine publisher.

Table 1: Minimum Interest Coverage Ratio

Period Interest Coverage Ratio

Effective date through, but excluding, June 30, 2007 2.25 to 1

June 30, 2007 through, but excluding, Dec. 31, 2008 1.75 to 1

After and including Dec. 31, 2008 2.50 to 1

Table 2: Minimum Fixed-Charge Coverage Ratio

Period Fixed Charge Coverage Ratio

Effective date through, but excluding, June 30, 2007 1.05 to 1

June 30, 2007 through, but excluding, Dec. 31, 2008 1.00 to 1

After and including Dec. 31, 2008 1.05 to 1

Table 3: Amended Cash Flow Ratios

Period Cash Flow Ratio Senior Cash Flow Ratio

Effective date through, but excluding, June 30, 2007 6.00 to 1 4.00 to 1

June 30, 2007 through, but excluding, Dec. 31, 2008 6.50 to 1 3.50 to 1

After and including Dec. 31, 2008 5.50 to 1 3.50 to 1

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.