Olympic Steel amends credit facility, changing covenants and pricing

By Sara Rosenberg

New York, April 7 - Olympic Steel Inc. amended its credit facility, revising covenants and increasing pricing, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The amendment eliminated the minimum consolidated debt service coverage ratio through the month ending May 31, 2010, sets forth minimum allowable EBITDA thresholds through the period ending May 31, 2010, and requires minimum availability of $15 million starting with the month ending June 30, 2010.

In addition, the facility now has a 2% Libor floor.

The amendment was completed on April 6.

Comerica Bank is the administrative agent on the deal.

Olympic Steel is a Bedford Heights, Ohio-based processor and distributor of processed carbon, coated and stainless flat-rolled sheet, and coil and plate steel products.

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