Calgon Carbon amends credit agreement terms with PNC Bank

By Tali Rackner

Norfolk, Va., Feb. 24 – Calgon Carbon Corp. entered into a first amendment to its first amended and restated credit agreement on Thursday with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment revises the terms of the agreement dated Oct. 4 to, among other things:

• Allow for the issuance of letters of credit denominated in additional foreign currencies;

• Allow for the add-back of additional non-recurring costs and expenses in connection with the company’s CECA acquisition in the calculation of EBITDA;

• Replace the quarterly leverage test for dividends with an annual dividend basket, as long as the company satisfies certain other conditions; and

• Fix pricing at projected levels from the date of delivery of the March 31 compliance certificate through the due date for delivery of the Sept. 30, 2017 compliance certificate.

Calgon is a Pittsburgh-based provider of services and products for purifying water and air.

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