Keystone Consolidated amends loan, revising size, maturity, pricing

By Sara Rosenberg

New York, Aug. 17 - Keystone Consolidated Industries Inc. amended its credit facility on Tuesday, reducing the size to $70 million from $100 million, extending the maturity to Aug. 17, 2015 and lowering pricing, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the facility can now range from Libor plus 200 basis points to 225 bps.

In addition, the amendment removed performance covenants unless excess availability is less than $10 million, at which point the company is required to maintain a fixed-charge coverage ratio of 1.0.

Also, the amendment allows for unrestricted distribution of dividends and repurchases of stock if excess availability is greater than $10 million.

Wells Fargo is the agent on the deal.

Keystone is a Dallas-based maker of fabricated wire products.

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