Knowles Electronics amends loan to increase leverage ratio, allow more unsecured debt

By Sara Rosenberg

New York, March 17 - Knowles Electronics Holdings Inc. amended its credit facility, increasing the maximum allowable leverage ratio for each period beginning Dec. 31, 2004 through maturity and allowing the company to incur an additional $10 million of unsecured debt, according to an 8-K filed with the Securities and Exchange Commission Thursday.

For the period from Dec. 31, 2004 to Dec. 30, 2005, the leverage ratio was increased to 7.00:1.00. For the period from Dec. 31, 2005 to March 30, 2006, the leverage ratio was increased to 6.75:1.00. And, for the period from March 31, 2006 to Dec. 30, 2006, the leverage ratio was increased to 6.50:1.00.

JPMorgan is the administrative agent on the loan.

The amendment closed on March 10.

Knowles is an Itasca, Ill.-based manufacturer of technologically advanced products in the hearing aid and acoustic markets.

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