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Cogdell Spencer amends term loan, modifying pricing and covenants
By Sara Rosenberg
New York, June 9 - Cogdell Spencer Inc. amended its senior secured term loan, increasing pricing, eliminating the minimum adjusted consolidated EBITDA covenant and revising the adjusted consolidated senior debt to adjusted consolidated EBITDA covenant, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
Pricing on the loan was raised to Libor plus 450 basis points from Libor plus 350 bps.
The maximum adjusted consolidated senior debt to adjusted consolidated EBITDA covenant was changed to 3.50 to 1.00 through March 2011 and 3.00 to 1.00 from April 2011 to final maturity. Prior to the amendment, the requirement had been 4.25 to 1.00 as of March 31, decreasing to 3.75 to 1.00 as of July 1.
As part of the amendment, the company was required to repay $50 million of the loan.
The amendment was completed on June 3.
The actual borrower under the loan is MEA Holdings Inc., an indirect subsidiary of Cogdell Spencer.
KeyBank is the agent on the deal.
Cogdell Spencer is a Charlotte, N.C.-based owner of specialty office properties for the medical profession.
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