Q.E.P. amends $85 million revolver with BofA

By William Gullotti

Buffalo, N.Y., Dec. 5 – Q.E.P. Co., Inc. entered into a third amendment to its fifth amended and restated $85 million revolver with Bank of America, NA, according to a press release on Monday.

The amendments provide for changes in the agreement that permit up to $10 million of capital expenditures for upgrades and expansion, as well as adjusting the requirements for the fixed charge coverage ratio financial covenant.

Included in the amendments is permission for the disposition of real and personal property in Apple Creek, Ohio for $1.45 million as part of the dissolution of the company’s AC products business.

Proceeds from revolver borrowings will continue to be used for working capital needs and other general corporate purposes.

QEP is headquartered in Boca Raton, Fla. and is a designer, manufacturer and distributor of flooring and installation products.

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