Movie Gallery amends loan, relaxing financial covenants, increasing rates

By Sara Rosenberg

New York, March 16 - Movie Gallery Inc. successfully amended its senior credit facility, relaxing financial covenants for the next four fiscal quarters, according to a company news release.

In addition, under the amendment, interest rates have been increased and certain mandatory prepayment provisions have been modified.

Furthermore, the company's ability to incur indebtedness, pay dividends, redeem its capital stock, make capital expenditures, make acquisitions and other covenants have been made more restrictive.

Movie Gallery is a Dothan, Ala.-based video rental company.

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