Masonite gets loan forbearance regarding non-compliance with covenants

By Sara Rosenberg

New York, Sept. 16 - Masonite International Inc. entered into a forbearance agreement with its credit facility lenders, providing it more time and flexibility to negotiate a potential amendment, according to a news release.

As previously announced, as a result of its financial performance for the quarter ended June 30, the company was not in compliance with certain financial covenants related to EBITDA, which constituted an event of default under the credit facility.

The forbearance agreement applies to the non-compliance of the covenants as of June 30 and, provisionally, any such non-compliance as of Sept. 30.

The forbearance expires on Nov. 13.

Masonite is a Tampa, Fla.-based manufacturer of residential and commercial doors.

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