Kongsberg revises loan covenants, pricing and amortization

By Sara Rosenberg

New York, Dec. 10 - Kongsberg Automotive Holding has reached an agreement with its credit facility lenders, revising covenants, margins and amortization, according to a news release.

Covenants include nominal 12 months rolling EBITDA, gearing ratio, interest coverage ratio, nominal equity level, capital expenditures limitation and cash-flow coverage ratio.

In addition, the company and the banks agreed on a new business plan that is based on the latest market forecasts.

DnBNOR and Nordea are the banks on the deal.

Kongsberg is a Norway-based provider of system solutions to vehicle makers.

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