Werner amends loan to change financial covenants, increase borrowing rate

By Sara Rosenberg

New York, May 17 - Werner Holding Co. Inc. amended its senior credit facility changing the debt leverage and interest coverage ratio covenants for 2004 and 2005 to be less restrictive and increasing the annual rate charged on its term loan by 0.75%, according to a 10-Q filed with the Securities and Exchange Commission on Monday.

At March 31, the company had $313.2 of debt consisting of $133.5 million of notes, $172.5 million of term loan debt and $7.2 million of other debt.

The company also has a $50 million revolver that was undrawn at March 31.

Werner is a Greenville, Pa., ladder company.

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