Asyst amends loan, reducing revolver, modifying covenants

By Sara Rosenberg

New York, May 6 - Asyst Technologies Inc. amended its credit facility, reducing the revolver size to $27.5 million from $52.5 million, and suspending and modifying the total leverage, senior leverage and fixed-charge coverage covenants, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

In addition, the amendment added new minimum liquidity, consolidated interest coverage, maximum total debt to capitalization, and minimum consolidated EBITDA covenants.

The amendment also revised certain terms relating to the principal amount of term loans available in Japanese yen, so that the amount can reduce or increase based on fluctuations in the foreign currency exchange rates.

The amendment was completed on April 30.

KeyBank is the administrative agent on the deal.

Asyst is a Fremont, Calif.-based developer, manufacturer, seller and supporter of hardware and software automation systems for semiconductor and flat-panel display manufacturing industries.

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