C&D Technologies amends loan, changing financial covenants, increasing term rate

By Sara Rosenberg

New York, April 5 - C&D Technologies Inc. amended its credit facility, changing the leverage ratio starting Feb. 28 through Dec. 31, modifying the definition of EBITDA and increasing the term loan interest rate by 25 basis points, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The interest rate on the term loan will return to its prior spread when leverage falls below 3 times.

In addition to paying an amendment fee, the company granted lenders a security interest in real property located in Leola, Pa., and Mansfield, Mass., as well as an option to obtain a security interest in the real property located in Conyers, Ga.

The amendment was completed on March 30.

C&D is a Bluebell, Pa.-based producer and marketer of electrical power storage and conversion products.

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