Northwest Pipe amends private shelf agreement, may issue $35 million additional notes

By Stephanie N. Rotondo

Portland, Ore., Oct. 20 - Northwest Pipe Co. has amended its note purchase and private shelf agreement with Prudential Investment Management, Inc. and affiliates, according to a filing with the Securities and Exchange Commission Monday.

The first amendment and limited waiver to its amended and restated note purchase agreement, inked Oct. 15, was altered to reflect changes in certain financial covenants, as well as to generally conform to its second amended credit agreement on its revolving credit facilities.

Under the new amended agreement, Northwest Pipe can issue up to $35 million principal amount of new notes.

Other alterations to the agreement include:

• Changes to the company's consolidated total debt to EBITDA ratio;

• Changes to the consolidated tangible net worth provision;

• And an amendment to the consolidated senior funded debt to EBITDA ratio.

Northwest Pipe is a Vancouver, Wash.-based manufacturer of welded steel pipe.

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