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Centene ups leverage cap, adds pricing tier to loan terms via Barclays
By Susanna Moon
Chicago, Feb. 15 - Centene Corp. amended its credit agreement Tuesday with Barclays Bank plc as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The company amended some debt covenants to raise the maximum total debt-to-EBITDA ratio during the first three quarters of 2013 to provide for more borrowing availability, the filing noted.
The maximum total debt-to-EBITDA ratio is 2.75 times for the computation period ended Dec. 31, 3.85 times for the period ending March 31, 3.5 times for the period ending June 30, 3.25 times for the period ending Sept. 30, 2013 and 3 times as of Dec. 31, 2013 and thereafter.
The amendment also added an additional pricing tier, with pricing on the loans at Libor plus 225 basis points to 350 bps based on leverage.
Centene is a St. Louis-based health-care company.
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