Armored AutoGroup launches loan amendment to remove covenants

By Sara Rosenberg

New York, Feb. 25 - Armored AutoGroup Inc. held a lender call on Friday to launch an amendment to its $300 million term loan that would turn it into a covenant-light loan, according to a market source.

The loan was obtained late last year at pricing of Libor plus 325 basis points with a 1.75% Libor floor and an original issue discount of 99 to help fund the buyout of the company by Avista Capital Partners.

Consents toward the amendment are due from lenders on March 4.

Armored AutoGroup is a Danbury, Conn.-based manufacturer, marketer and distributor of automotive aftermarket appearance and performance auto-care products.

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