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Hines amends loan, waiving fixed-charge coverage ratio compliance
By Sara Rosenberg
New York, Jan. 3 - Hines Nurseries Inc. amended its credit facility, waiving compliance with the minimum fixed-charge coverage ratio for the fourth fiscal quarter in fiscal year 2006, according to an 8-K filed with the Securities and Exchange Commission Wednesday.
In addition, the amendment provides for increased availability if the company is in compliance with the fixed-charge coverage ratio for the 12-month period ending Dec. 31, 2007
The amendment also extends the time the company has to sell its four color nursery facilities in the Northeast to Jan. 31 from Dec. 31 and to sell certain assets in Miami to March 31 from Dec. 31.
The amendment was completed on Dec. 27.
Deutsche Bank is the administrative agent on the deal.
Hines Nurseries is a subsidiary of Hines Horticulture, Inc., an Irvine, Calif.-based operator of commercial nurseries.
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