Tredegar amends revolver, revising minimum consolidated stockholders' equity requirement

By Sara Rosenberg

New York, March 4 - Tredegar Corp. amended its unsecured revolving credit facility, changing the requirement for minimum consolidated stockholders' equity to $315 million from $382 million as of Sept. 30, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The amendment also changes the definition of permitted investments to a fixed $75 million basket from 15% of consolidated stockholders' equity and resets permitted investments to exclude any past investments.

Also, the amendment permits the company to dissolve or dispose of subsidiaries, excluding significant subsidiaries, without prior notification to credit facility agent.

The amendment was completed on Feb. 29.

Wachovia Bank is the administrative agent on the deal.

Tredegar is a Richmond, Va.-based manufacturer of plastic films and aluminum extrusions primarily for personal and household care products, and packaging and surface protection applications.

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