WII Components amends loan, modifying pricing and covenants

By Sara Rosenberg

New York, March 31 - WII Components Inc. amended its credit facility, increasing pricing and waiving non-compliance with the maximum consolidated leverage and the minimum consolidated interest coverage ratios at Dec. 31, according to a 10-K filed with the Securities and Exchange Commission on Tuesday.

Pricing on the facility can now range from Libor plus 525 basis points to 575 bps based on leverage.

The amendment also increased the maximum total leverage ratio for the period from Dec. 31, 2008 through Dec. 31, 2009, decreased the minimum interest coverage ratio for the same period, required payment of the remaining about $3.6 million balance under the first-lien term loan and eliminated the requirement that corporate debt ratings be maintained.

In addition, the amendment extended the date by which the company must amend the indenture governing the senior notes to eliminate certain restrictive covenants or redeem the notes to March 31, 2010.

The amendment was completed on March 30.

Credit Suisse is the agent on the deal.

WII is a St. Cloud, Minn.-based cabinet maker.

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