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Lifetime Brands amends credit facility, changing interest rates
By Angela McDaniels
Tacoma, Wash., Sept. 30 - Lifetime Brands, Inc. amended its credit facility on Monday, changing the borrowing cost to Libor plus 225 basis points and the commitment fee to 30 bps.
If the company's leverage ratio declines to less than 3.5 to 1, the rate will fall to Libor plus 175 bps with a commitment fee of 25 bps.
For a leverage ratio of less than 2 to 1, the costs are Libor plus 175 bps with the commitment fee remaining at 25 bps.
The amendment also revised the borrowing base calculation and some financial covenants, according to an 8-K filing with the Securities and Exchange Commission.
The borrowing base percentage is now 85% for eligible receivables and 50% for eligible inventory.
HSBC Bank USA, NA is the administration agent.
Lifetime Brands is a Garden City, N.Y.-based producer of branded household consumer products.
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