WireCo amends loan to fix interest coverage covenant, reduce capacity

By Angela McDaniels

Tacoma, Wash., June 25 – WireCo WorldGroup Inc. amended its credit agreement on Wednesday to update the interest coverage ratio financial covenant and reduce incremental capacity, according to an 8-K filing with the Securities and Exchange Commission.

The covenant was changed to a fixed ratio covenant of 1.50 times for the quarter ending June 30 and each quarter thereafter. Before the amendment, it ranged from 1.75 times to 2.00 times.

Incremental capacity was reduced to the greater of $75 million and 2.25 to 1.00 senior secured leverage. Prior to the amendment, it was the greater of $125 million and 2.75 to 1.00 senior secured leverage.

Fifth Third Bank is the administrative agent and joint lead arranger. J.P. Morgan Securities LLC is joint lead arranger and bookrunner.

WireCo is a Kansas City, Mo.-based manufacturer of wire rope, synthetic rope, electromechanical cable and highly engineered cable structures.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.