Centerplate amends loan, revising ratio requirements

By Sara Rosenberg

New York, May 19 - Centerplate Inc. amended its senior credit facility to adjust several ratio requirements, increase financial flexibility and enhance the ability to pursue attractive growth opportunities and related capital investments in 2008, according to a news release.

In connection with the amendment, the company has eliminated its monthly dividend payments.

The company expects to continue to pay the monthly interest on its subordinated notes; although, this payment could be deferred at any time should the company not meet the ratios specified in the credit facility.

As previously announced, Centerplate has begun a process to evaluate a range of capital structure and other alternatives and has engaged UBS Securities as the financial adviser. This evaluation is expected to be completed within the five-month timeframe provided by the amendment.

Centerplate is a Stamford, Conn.-based provider of entertainment experiences in sports, entertainment and convention center venues.

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