Steelcase amends facility, downsizing revolver by $75 million

By Sara Rosenberg

New York, Sept. 24 - Steelcase Inc. amended its credit facility, reducing the revolver size to $125 million from $200 million, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

In addition, the amendment deferred the calculation of the leverage ratio for the second quarter of the company's fiscal year 2010 for purposes of determining compliance with the leverage ratio covenant until Nov. 16.

Lastly, the amendment provides that any revolver loans made through Nov. 16 be floating-rate loans and can't be Eurocurrency rate loans or Eurocurrency rate advances.

The amendment was completed on Sept. 21.

JPMorgan is the administrative agent on the deal.

Steelcase is a Grand Rapids, Mich.-based designer, manufacturer and marketer of office furniture for corporate, hospitality and residential settings.

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