Wheeling-Pittsburgh amends loan, waiving non-compliance with financial covenants

By Sara Rosenberg

New York, March 16 - Wheeling-Pittsburgh Corp. amended its term loan facility, waiving non-compliance with the leverage, interest coverage and fixed-charge coverage ratios through the quarter ending June 30, 2007, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The amendment also requires the company to maintain minimum borrowing availability of at least $50 million under its revolver at all times or to comply with a minimum fixed-charge coverage ratio, similar to the provision in its revolver.

Furthermore, the company is required to make a prepayment of $6.25 million under the term loan, representing the principal due on Sept. 30, with the payment to be made on the same date on which the June 30 principal payment is due.

The amendment was completed on March 10.

Wheeling-Pittsburgh is a Wheeling, W. Va.-based steel and steel products company.

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