Tennant extends $80 million private shelf agreement with Prudential

By Lisa Kerner

Charlotte, N.C., July 26 - Tennant Co. entered into a second amendment to its July 29, 2009 private shelf agreement with Prudential Investment Management, Inc. and its affiliates, according to an 8-K filing with the Securities and Exchange Commission.

The second amended agreement extends the issuance period for shelf notes under the agreement to July 24, 2015.

As previously reported, Tennant agreed to issue up to $80 million of senior secured notes to Prudential under the shelf.

Notes issued under the shelf may have a maturity of up to 12 years, provided that the average life for each private shelf note issued is no more than 10 years after the original issuance date.

Tennant, a Minneapolis-based designer, manufacturer and marketer of cleaning solutions, entered into a first amendment to the agreement in May 2011. Among other changes, the amendment eliminated the security interest in the personal property of Tennant and its subsidiaries and provided that the maximum leverage ratio not be greater than 3 to 1 for any period ending on or after March 31, 2011.

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