Synalloy amends loan to alter fixed charge coverage ratio

By Sarah Lizee

Olympia, Wash., Aug. 3 – Synalloy Corp. amended its credit agreement with Truist Bank on Friday to amend the definition of the fixed charge coverage ratio, according to an 8-K filing with the Securities and Exchange Commission.

The coverage definition was amended to include the company’s costs related to the recent proxy contest, totaling roughly $3 million, in the numerator of the calculation. The amendment to the coverage definition is effective for the quarter ended June 30 and for the directly following three quarters after June 30.

The Spartanburg, S.C., company makes pipe and piping systems from carbon, chrome, stainless steel and other alloys.

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