Anthony Crane Rental amends and restates credit facility

By Sara Rosenberg

New York, June 25 - Anthony Crane Rental LP amended and restated its credit agreement. Goldman Sachs Credit Partners L.P acted as lead arranger and syndication agent. Fleet National Bank acted as administrative agent and collateral agent.

The facility consists of a $300 million revolver and $250 million term loans. Payments of 25 basis points each June, September, December and March are required on the term loans until June 30, 2006, with the last payment of 93.0% scheduled for July 20, 2006, the SEC filing said. The company has already paid $6.875 million of the term loans.

Under the amended agreement commitment fees (see Table 1) and interest rates (see Table 2) are based on the company's total leverage ratio (see Table 3).

Anthony Crane is a Pittsburgh, Pa. crane and lifting equipment company.

Table 1: Commitment fee grid

Applicable total leverage ratio Applicable commitment fee percentage

5.0:1.0 or greater 50 basis points

4.0:1.0 or greater, less than 5.0:1.0 37.5 basis points

Less than 4.0:1.0 25 basis points

Table 2: Interest margin grid

Total Leverage Ratio Libor Margin for Revolver Libor Margin for Term

5.5:1.0 or greater 350 basis points 425 basis points

5.0:1.0 or greater, less than 5.5:1.0 325 basis points 425 basis points

4.5:1.0 or greater, less than 5.0:1.0 300 basis points 425 basis points

4.0:1.0 or greater, less than 4.5:1.0 275 basis points 425 basis points

3.5:1.0 or greater, less than 4.0:1.0 250 basis points 425 basis points

Less than 3.5:1.0 225 basis points 425 basis points

Table 3: Leverage ratio covenant

Fiscal Quarter Ending Maximum Leverage Ratio Maximum Revolver Leverage Ratio

March 31, 2002 6.2 to 1.0 5.7 to 1.0

June 30, 2002 6.9 to 1.0 6.3 to 1.0

Sept. 30, 2002 7.3 to 1.0 6.7 to 1.0

Dec. 31, 2002 6.9 to 1.0 6.3 to 1.0

March 31, 2003 6.5 to 1.0 5.9 to 1.0

June 30, 2003 and after 5.1 to 1.0 4.5 to 1.0

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.