Home Interiors & Gifts amends loan, waiving compliance with leverage, interest coverage ratios

By Sara Rosenberg

New York, July 7 - Home Interiors & Gifts Inc. amended its senior credit facility, waiving compliance with the consolidated leverage ratio and the consolidated interest coverage ratio from June 30 to Sept. 30, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The amendment also limits the availability of revolver borrowings to $45 million outstanding at any time and revises the information deliveries covenant to require, among other things, weekly reports regarding cash flow forecasts, liquidity, sales, accounts receivable, accounts payable and inventory.

JPMorgan Chase Bank is the administrative agent on the deal.

The amendment and waiver are effective as of June 30.

Home Interiors & Gifts is a Dallas-based integrated manufacturer and distributor of home decorative accessories.

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