Northwest Pipe amends loan, waiving covenant compliance, cutting size

By Sara Rosenberg

New York, June 24 - Northwest Pipe Co. amended its credit facility, waiving compliance with financial covenants for the quarter ended March 31 and reducing the size to $110 million from $125 million, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

In addition, the amendment extended the dates by which the company is required to deliver financial statements for the year ended Dec. 31 and for the quarter ended March 31.

The size reduction will be removed when those financial statements are delivered.

The amendment was completed on June 18.

Bank of America is the administrative agent on the deal.

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

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