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Scholastic amends loan, adding leverage ratio, revising definition
By Sara Rosenberg
New York, Aug. 19 - Scholastic Corp. amended its credit facility, adding a consolidated leverage ratio for purposes of determining the ability to make up to $200 million in restricted payments, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
The amendment also redefined the Base Rate for determining the applicable interest rate as a rate equal to the higher of the prime rate, the prevailing Federal Funds rate plus 0.5% or the Eurodollar Rate for a one-month interest period plus 1%.
The amendment was effective on Aug. 16.
JPMorgan is the administrative agent on the deal.
Scholastic is a New York-based publisher and distributor of children's books and educational technology products.
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