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H&E Equipment amends, restates revolver, revising maturity and pricing
By Sara Rosenberg
New York, Aug. 3 - H&E Equipment Services Inc. amended and restated its $320 million senior secured asset-based revolving credit facility, extending the maturity to July 29, 2015 from Aug. 4, 2011 and increasing pricing, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
Pricing on the revolver can now range from Libor plus 250 basis points to 325 bps based on leverage. Initial pricing is Libor plus 275 bps.
Also, the unused fee was increased to 50 bps from 25 bps.
In addition, the amendment added a maximum total leverage ratio of 5.0 to 1.0, which is tested if excess availability is less than $40 million, and modified the existing fixed-charge coverage ratio so that the excess availability level at which it is tested is $40 million, up from $25 million.
The amendment and restatement was completed on July 29.
GE Capital is the administrative agent on the deal.
H&E Equipment is a Baton Rouge, La.-based equipment services company.
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