CKX amends loan, lowering maximum size and eliminating accordion

By Sara Rosenberg

New York, March 16 - CKX Inc. amended its credit facility, reducing the maximum size to $100 million and removing the accordion feature, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

In addition, the amendment removed a provision that tied an event of default to a reduction in the percentage of stock owned by Robert F.X. Sillerman, the company's chairman and chief executive officer, below a certain level.

The amendment was completed on March 12.

Bear Stearns is the administrative agent on the deal.

As a result of the amendment and the previous borrowings by the company, there are no additional borrowings available under the credit facility.

CKX is a New York-based owner and developer of entertainment content.

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