| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Shaw Group Inc. > News item |
Shaw Group amends loan to change financial covenants
By Sara Rosenberg
New York, Oct. 13 - The Shaw Group Inc. amended its credit facility changing financial covenants, including the definition of EBITDA, the calculation of the fixed charge coverage ratio, capital expenditures allowances, leverage ratio tests and the definition of cash and cash equivalents, according to an 8-K filed with the Securities and Exchange Commission Wednesday.
The definition of EBITDA was modified to increase EBITDA by divestiture and restructuring charges for the fiscal year ending Aug. 31, 2005 of up to $12 million.
The fixed charge coverage ratio was changed to take into account the net cash proceeds from the sale of any asset that would be classified as a fixed or capital asset on a consolidated balance sheet of the company and its subsidiaries.
Permitted capital expenditures were reduced by the net cash proceeds from the sale of any asset that would be classified as a fixed or capital asset on a consolidated balance sheet of the company and its subsidiaries.
The leverage ratio requirement of 3.5-to-1.0 was extended to May 31, 2005.
And, the definition of cash and cash equivalents for purposes of calculating working capital as of the end of each fiscal quarter was changed as well, the filing said.
BNP Paribas is administrative agent on the loan, and Credit Suisse First Boston, Harris Trust and Savings Bank, U.S. Bank, Union Planters Bank, UBS AG, Southwest Bank of Texas, Merrill Lynch Capital Corp., Regions Bank and Pacifica CDO III Ltd. are all lenders.
The amendment took effect on Oct. 8.
The Shaw Group is a Baton Rouge, La., provider of services to the power, process and environmental and infrastructure industries.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.