Katy amends, removing minimum availability requirement, adding fixed-charge coverage ratio

By Sara Rosenberg

New York, Nov. 28 - Katy Industries Inc. amended its credit facility, removing the minimum availability requirements and requiring the maintenance of a fixed-charge coverage ratio of 1.1:1, beginning for the fourth quarter of 2006, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

In addition, under the amendment, the term loan was increased to $13 million from $11.6 million, with the proceeds used to reduce revolver borrowings.

The amendment was completed on Nov. 27.

Bank of America is the lead bank on the deal.

Katy is a Middlebury, Conn.-based diversified manufacturing company with operations in two primary industry segments: consumer products and commercial products.

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