Moog amends loan, changing pricing and leverage ratio, adding new senior leverage ratio

By Sara Rosenberg

New York, June 26 - Moog Inc. amended its credit facility on Friday, increasing pricing, modifying the maximum leverage ratio and adding a maximum senior leverage ratio, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the facility can now range from Libor plus 100 basis points to 300 bps and the commitment fee can range from 20 bps to 50 bps, based on leverage.

The maximum leverage ratio has been increased to 4.0 from 3.5 and the new maximum senior leverage ratio is set at 2.75.

In addition, the definition of EBITDA was changed to allow the exclusion of up to $17 million of restructuring charges to be incurred in calendar year 2009.

HSBC Bank is the administrative agent on the deal.

Moog is an East Aurora, N.Y.-based designer, manufacturer and integrator of precision control components and systems.

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