CKX amends and restates credit facility, reducing size to $60 million

By Sara Rosenberg

New York, April 21 - CKX Inc. amended and restated its credit facility, paying down and permanently reducing the deal by $40 million to $60 million, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

In addition, the maturity was extended to Sept. 30, 2012.

The company must make quarterly principal payments of $2 million beginning on June 30.

Pricing on the facility is Libor plus 300 basis points.

Covenants include a maximum leverage ratio of 2.0 to 1.0 and a minimum EBITDA to interest expense ratio.

The amendment and restatement was completed on April 15.

JPMorgan Chase Bank is the administrative agent on the deal.

CKX is a New York-based company involved in the ownership, development and commercial utilization of entertainment content.

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