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Sirva amends loan, changing rates, revising consolidated interest coverage, leverage ratios
By Sara Rosenberg
New York, Nov. 17 - Sirva Inc. amended its credit facility, changing interest rates on the revolver and term loan, and revising the consolidated interest coverage (see table 1) and consolidated leverage ratios (see table 2), according to an 8-K filed with the Securities and Exchange Commission Thursday.
The revolver and term loan will carry an interest rate of Libor plus 400 basis points. However, if the senior implied rating is less than B2 or corporate credit rating is less than B, then the rate will be Libor plus 450 bps.
The amendment also extended until Nov. 30 the deadline for delivering audited financial statements for the year ended Dec. 31, 2004, extended until March 31, 2006 the deadline for delivering unaudited financial statements for the March 31, June 30 and Sept. 30, 2005 quarters, gave the company until June 30, 2006 to deliver audited financial statements for the year ending Dec. 31 and gave the company until July 31, 2006 to deliver unaudited financial statements for the quarter ending March 31, 2006.
The amendment is effective as of Nov. 14.
JPMorgan Chase Bank is the administrative agent on the loan.
Sirva is a Westmont, Ill.-based provider of relocation solutions.
Table 1: Consolidated Interest Coverage Ratio
Test Period Ratio
Jan. 1, 2004 - Dec. 30, 2004 3.25 to 1.00
Dec. 31, 2004 - Sept. 29, 2005 3.00 to 1.00
Sept. 30, 2005 - March 30, 2006 2.75 to 1.00
March 31, 2006 - March 30, 2007 2.50 to 1.00
March 31, 2007 - Sept. 29, 2007 3.00 to 1.00
Sept. 30, 2007 - March 30, 2008 3.25 to 1.00
March 31, 2008 - March 30, 2009 3.75 to 1.00
March 31, 2009 and thereafter 4.00 to 1.00
Table 2: Consolidated Leverage Ratio
Test Period Ratio
Jan. 1, 2004 - Dec. 30, 2004 3.50 to 1.00
Dec. 31, 2004 - March 30, 2005 4.00 to 1.00
March 31, 2005 - Sept. 29, 2005 4.50 to 1.00
Sept. 30, 2005 - Dec. 30, 2005 5.50 to 1.00
Dec. 31, 2005 - June 29, 2006 5.00 to 1.00
June 30, 2006 - Dec. 30, 2006 4.75 to 1.00
Dec. 31, 2006 - March 30, 2007 4.50 to 1.00
March 31, 2007 - Dec. 30, 2007 4.00 to 1.00
Dec. 31, 2007 - March 30, 2008 3.50 to 1.00
March 31, 2008 - March 30, 2009 3.00 to 1.00
March 31, 2009 and thereafter 2.50 to 1.00
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