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Angelica gets $150 million amended, restated revolver
By Sara Rosenberg
New York, Dec. 5 - Angelica Corp. closed on a $150 million amended and restated secured revolving credit facility due 2010, according to an 8-K filed with the Securities and Exchange Commission Monday.
LaSalle Bank was the lead bank on the deal.
Interest on revolver borrowings can range from Libor plus 200 to 275 basis points, based on debt to EBITDA, with the initial rates at Libor plus 275 bps, the filing said.
There is a $25 million accordion feature.
Borrowings are secured by a first-priority interest in substantially all assets.
Financial covenants include a minimum fixed-charge coverage ratio of 1.05:1.00 for Jan. 31, 2006 through July 31, 2006, and 1.15:1.00 thereafter, and a maximum ratio of funded debt to EBITDA of 4.00:1.00 for Jan. 31, 2006 through Oct. 31, 2009, and 3.50:1.00 thereafter.
As of the closing date, which was Nov. 30, $94.7 million was drawn under the revolver.
Angelica is a Chesterfield, Mo.-based provider of textile rental and linen management services principally to health care institutions.
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