Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for Knowles Corp. > News item |
Knowles amends credit agreement ratios ahead of convertibles offering
By Wendy Van Sickle
Columbus, Ohio, April 27 – Knowles Corp. changed some covenants of its amended and restated credit agreement with JPMorgan Chase as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The Wednesday amendment to the credit agreement was entered in connection with the company’s plan to offer $125 million of convertible unsecured senior notes due 2021.
The amendment provides for
• An increase in the maximum leverage ratio permitted on the last day of any fiscal quarter to 3.75 times from 3.25 times; and
• The addition of a new senior secured maximum leverage ratio – defined as senior secured indebtedness to consolidated EBITDA for the trailing four consecutive fiscal quarters – of 3.25 times.
The amendment is conditioned on the completion of the offering of the convertibles and the net proceeds being applied to reducing borrowings outstanding under Knowles’ term loan facility.
Knowles is an Itasca, Ill.-based supplier of advanced micro-acoustic, specialty components and human interface services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.