Centerplate amends loan, changing term loan pricing and covenants

By Sara Rosenberg

New York, April 7 - Centerplate Inc. amended its credit facility, revising term loan pricing to Libor plus 375 basis points and modifying covenants, according to an 8-K filed with the Securities and Exchange Commission Monday.

The amendment adjusts the senior leverage ratio, total leverage ratio and interest coverage ratio requirements for February and March to levels that will permit the company to pay dividends and interest on its subordinated notes in April and May.

In addition, the amendment permits the investment in a potential new service contract and increases the allowable amount of capital expenditures in fiscal 2008.

The amendment was completed on April 1.

General Electric Capital Corp. is the administrative agent on the deal.

Centerplate is a Stamford, Conn.-based provider of food and related services to recreational facilities.

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