Forest Labs amends facility to change consolidated EBITDA definition

By Jennifer Chiou

New York, Dec. 2 - Forest Laboratories, Inc. entered into an amendment to its $750 million credit agreement on Dec. 2 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment applies to the definition of consolidated EBITDA to adjust for certain cost savings for the purposes of calculating the company's leverage ratio and interest coverage ratio.

The filing stated that the amendment also changes the restrictive agreements covenant to allow Forest to incur additional indebtedness with lien restrictions that are customary for similarly rated U.S. companies.

The borrower is a New York-based pharmaceutical company.

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