C&D Technologies amends, providing new $20 million term loan

By Sara Rosenberg

New York, April 20 - C&D Technologies Inc. amended its credit facility on Tuesday, adding a $20 million term loan due June 6, 2013, according to an 8-K filed with the Securities and Exchange Commission.

Initial pricing on the term loan is Libor plus 1,125 basis points with a 3% Libor floor.

Security is first-priority lien on all of the company's personal property, along with certain of its real estate.

For one year following the amendment, the company must maintain minimum excess availability under the credit facility of $15 million.

There are also minimum EBITDA requirements subject to an event of default, beginning with the company's quarter ending April 30, 2011.

As was the case prior to the amendment, the credit facility includes a minimum fixed-charge coverage ratio of 1.1:1.0 on a consolidated basis, which becomes applicable only if the availability under the revolver falls below $10 million.

Wells Fargo is the agent on the deal.

C&D Technologies is a Blue Bell, Pa.-based engineer, manufacturer and seller of reserve power systems for regulating and monitoring power flow and providing backup power.

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