Angelica amends loan to increase revolver, extend maturity

By Sara Rosenberg

New York, July 29 - Angelica Corp. amended its credit facility, increasing its revolver to $150 million from $100 million to repay its $50 million term loan in full and extending the maturity to July 2010, according to a company news release.

The revolver contains a $25 million accordion feature.

Furthermore, under the amendment, the revolver is now secured and the debt-to-EBITDA ratio covenant was increased to 4.0 from the current 2.75 limit.

LaSalle Bank is the lead bank with Union Planters, National City Bank, Wells Fargo Bank and UMB Bank participating in the syndicate.

"After reviewing various financing alternatives, this amended facility proposed by LaSalle Bank, the lead bank in our group, was the most competitive in the marketplace. This loan amendment allows us increased flexibility and borrowing capacity to continue executing our health care linen management growth strategy," said Steve O'Hara, chief executive officer, in the release.

Angelica is a Chesterfield, Mo.-based provider of textile rental and linen management services to the U.S. health care market.

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