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Home Interiors & Gifts amends loan to change leverage, interest coverage ratios, add term loan grid
By Sara Rosenberg
New York, Dec. 9 - Home Interiors & Gifts Inc. amended its senior credit facility, modifying the consolidated leverage ratio and the consolidated interest coverage ratio (see tables 1 and 2) and establishing a pricing grid for initial term loans, according to an 8-K filed with the Securities and Exchange Commission Thursday.
The amendment also revised covenants relating to capital expenditures, acquisitions, asset sales and leasebacks, and repurchases of stock to make them more restrictive.
Initial term loans will carry an interest rate of Libor plus 500 basis points if the company's consolidated leverage ratio is greater than or equal to 5.00-to-1.00 and Libor plus 425 basis points if the consolidated leverage ratio is less than 5.00-to-1.00, the filing said.
JPMorgan Chase Bank is the administrative agent, and Bear Stearns Corporate Lending Inc. is the syndication agent.
The amendment became effective on Monday. Lenders were paid an amendment fee of 25 basis points.
Home Interiors is a Dallas integrated manufacturer and distributor of home decorative accessories.
Table 1: Consolidated Leverage Ratio
Fiscal Quarter Consolidated Leverage Ratio
Dec. 31, 2004 6.75-to-1.00
March 31, 2005 7.00-to-1.00
June 30, 2005 7.00-to-1.00
Sept. 30, 2005 6.75-to-1.00
Dec. 31, 2005 6.00-to-1.00
Table 2: Consolidated Interest Coverage Ratio
Fiscal Quarter Consolidated Interest Coverage Ratio
Dec. 31, 2004 1.75-to-1.00
March 31, 2005 1.50-to-1.00
June 30, 2005 1.50-to-1.00
Sept. 30, 2005 1.75-to-1.00
Dec. 31, 2005 2.00-to-1.00
March 31, 2006 2.75-to-1.00
June 30, 2006 2.75-to-1.00
Sept. 30, 2006 2.75-to-1.00
Dec. 31, 2006 2.75-to-1.00
March 31, 2007 2.75-to-1.00
June 30, 2007 2.75-to-1.00
Sept. 30, 2007 2.75-to-1.00
Dec. 31, 2007 3.25-to-1.00
March 31, 2008 3.25-to-1.00
June 30, 2008 3.25-to-1.00
Sept. 30, 2008 3.25-to-1.00
Every quarter thereafter 3.50-to-1.00
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