QC eases credit facility's maximum loss ratio for January, February

By Angela McDaniels

Tacoma, Wash., March 6 - QC Holdings, Inc. amended the maximum loss ratio provision of its credit agreement on Feb. 28, according to an 8-K filing with the Securities and Exchange Commission.

The amended covenant provides that the company will not allow its consolidated loss ratio, as of the end of each fiscal month, measured on a trailing 12-month basis, to be more than or equal to 30% for the monthly periods ending Jan. 31 and Feb. 28 and 28% for each subsequent monthly period.

Before the amendment, the trailing 12 month loss ratio was capped at 28%.

"Loss ratio" means the percentage of the provision for losses to revenues.

U.S. Bank NA is the agent.

QC is an Overland Park, Kan.-based provider of payday loans.

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