Chemtura amends loan to modify interest coverage ratio

By Sara Rosenberg

New York, May 26 - Chemtura Corp. amended its credit facility, changing the interest coverage ratio to 4.00:1 from 4.25:1 on June 30 and Sept. 30, and 4.25:1 from 4.50:1 on Dec. 31, according to an 8-K filed with the Securities and Exchange Commission Friday.

In addition, the definition of EBITDA was amended by increasing the basket of expenses in connection with the merger with Great Lakes Chemical Corp. to $75 million from $50 million and by increasing the basket of antitrust related legal expenses to $40 million from $20 million.

The amendment is effective as of May 24 and is dated as of May 9.

Citibank is the agent on the deal.

Chemtura is a Middlebury, Conn.-based manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products.

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