Key3Media amends senior credit facility, changing financial covenants

By Sara Rosenberg

New York, June 26 - Key3Media Group Inc. said it amended its senior credit facility, modifying financial covenants until April 1, 2003. Under the amendment, the fixed charge coverage ratio was replaced with minimum quarterly EBITDA requirements through March 31, 2003.

Furthermore, the company reduced the size of its facility to $100 million from $120 million, of which $80 million is currently drawn, the company said in a news release said.

As was previously announced, the company negotiated the amendment since it was not likely to be in compliance with the fixed charge coverage ratio at the end of the second quarter of 2002.

Key3Media is a Los Angeles, Calif. producer of information technology tradeshows and conferences.

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