Symmetry Medical amends facility, covenants, makes debt paydown

By Toni Weeks

San Luis Obispo, Calif., Dec. 27 - Symmetry Medical Inc. amended its credit agreement, allowing the company to pay down its $67 million of mezzanine debt due December 2017 using its existing $200 million senior secured revolving credit facility, according to a press release.

The company also updated its total leverage ratio covenant as follows: 4 times through the fourth quarter of 2013 and first quarter of 2014, 3.75 times through the second quarter of 2014, 3.5 times through the fourth quarter of 2014 and 3.25 times thereafter.

The company said in the release that lower interest payments associated with the elimination of the higher rate mezzanine debt will be about $0.10 accretive to 2014 earnings per share.

Symmetry Medical is a Warsaw, Ind.-based provider of products to the orthopedic device industry and other medical markets.

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