Gamma Holding in agreement on modified multi-currency credit facility

By Sara Rosenberg

New York, Nov. 29 - Gamma Holding NV is revising its credit facility so that it now consists of a $125 million loan, a €70 million loan and a €100 million loan, all due in March 2014, according to a news release.

ABN Amro and Rabobank are the lead banks on the deal.

Pricing on the facility can range from Libor plus 125 basis points to 300 bps based on debt to EBITDA, and there is a 100 bps upfront fee.

The €70 million tranche will be reduced by €6.25 million per half-year, starting on Dec. 31, 2011.

There are two one-year extension options.

Covenants include a debt to EBITDA ratio and an interest coverage ratio.

The changes will take effect in the beginning of December.

Gamma is a Helmond, Netherlands-based developer, manufacturer and seller of products varying from process and conveyor belts, and filtration products, to sailcloth and mattress ticking.

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