Speedy Hire amends loan, modifying covenants, pricing and size

By Sara Rosenberg

New York, April 1 - Speedy Hire Plc amended its credit facility, revising covenants and pricing, and downsizing the deal to £300 million from £325 million, according to a news release.

Covenants that were modified include interest coverage, leverage and cash flow tests.

Pricing on the facility can now range from Libor plus 200 basis points to 400 bps depending on the ratio of net debt to EBITDA.

Following the first covenant test in June, the company anticipates that pricing will be at Libor plus 300 bps.

Lenders were paid a 150 bps amendment fee.

Speedy Hire is a Newton-le-Willows, England-based provider of equipment and support services to construction, manufacturing, industrial, rail and related industries.

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