Veritas to repay $12.4 million on term A and B loans in November

By Sara Rosenberg

New York, Oct. 21 - Veritas DGC Inc. will repay $12.4 million of principal on its term loan A and B in November, based on the company's cash flow from Jan. 1, 2003 through July 31, 2003, according to a filing with the Securities and Exchange Commission.

Normally, the term loan A and B require quarterly combined principal payments of $387,500, representing 0.25% of the initial principal balances. However, if the company's leverage ratio as of the last day of the most recent excess cash flow calculation period rises above certain levels, the term A and B loans also require principal payments of 50% of the prior fiscal year's cash flow.

The company obtained the $250 million credit facility in February via Deutsche Bank. The facility originally consisted of a $30 million term loan A due February 2006 with an interest rate of Libor plus 350 to 400 basis points, a $125 million term loan B due February 2007 with an interest rate of Libor plus 500 basis points, a $40 million term loan C due February 2008 with an interest rate of Libor plus 750 basis points and a $55 million revolver.

Veritas is a Houston provider of integrated geophysical services to the petroleum industry.

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