American Apparel amends loan to raise pricing, revise EBITDA covenant

By Sara Rosenberg

New York, Feb. 22 - American Apparel Inc. amended its credit facility, increasing pricing to 18% until financial statements for the fiscal quarter ended March 30 are delivered, and modifying the minimum consolidated EBITDA requirement, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

As was previously reported, the consolidated EBITDA covenant had been waived due to non-compliance and the company was working on the amendment to address future compliance.

Wilmington Trust FSB is the administrative agent on the deal.

The amendment was completed on Feb. 18.

American Apparel is a Los Angeles-based designer, manufacturer and retailer of fashion apparel for women, men, children and pets.

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