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Warnaco amends ABL credit facility; revising maturity and pricing
By Sara Rosenberg
New York, Nov. 15 - Warnaco Group Inc. amended its ABL revolving credit facility, extending the maturity to Nov. 8, 2016 from Aug. 26, 2013 and reducing pricing by 25 basis points and the commitment fee by 12.5 bps, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
Pricing on the facility can range from Libor plus 125 bps to 175 bps based on applicable percentage, and the commitment fee can range from 25 bps to 37.5 bps based on average usage.
Also, the amendment reduced the minimum fixed charge coverage ratio test to 1.0:1.0 from 1.1:1.0. This ratio is only tested when available credit falls below certain levels.
In addition, some covenants and basket levels were revised, including those related to restricted payments, prepayments of debt, permitted acquisitions and permitted debt.
The amendment was completed on Nov. 8.
Bank of America is the administrative agent on the deal.
Warnaco is a New York-based manufacturer of intimate apparel, sportswear and swimwear.
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