Oglebay Norton gets waiver, resetting almost all covenants

By Sara Rosenberg

New York, April 21 - Oglebay Norton Co. received a waiver from its bank group, resetting for 60 days all covenants in its senior secured credit agreement excluding the net worth covenant. The waiver becomes effective from the time of any potential breach and continues through June 15.

In addition, under the waiver, the company may access $4 million of committed, but reserved funds, according to a news release.

The company requested the waiver because it anticipates weaker than expected results because of poor weather conditions late in the first quarter, particularly in the Southeast and Great Lakes region.

Oglebay Norton is a Cleveland provider of minerals and aggregates.

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