ScanSource amends loan terms with JPMorgan, lifts restricted payments

By Susanna Moon

Chicago, Dec. 14 – ScanSource, Inc. amended its credit agreement last Thursday with JPMorgan Chase Bank, NA as the administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment lifts the limit on restricted payments to 15% of the company’s tangible net worth from 10%.

In addition, the amendment expands the permissible investments, loans or advances under the agreement’s debt restrictions and allows for transfers of receivables as an exception to the credit agreement’s limits on asset dispositions.

Interest rate spreads and commitment fees remain unchanged.

The credit agreement was dated Oct. 11, 2011.

ScanSource is a Greenville, S.C.-based distributor of specialty technology products.

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