Baldor Electric Company Announces Approval of Credit Agreement Amendment
2009年4月1日 - 10:10PM
PRニュース・ワイアー (英語)
FORT SMITH, Ark., April 1 /PRNewswire-FirstCall/ -- Baldor Electric
Company (NYSE:BEZ) markets, designs, and manufactures industrial
electric motors, mechanical power transmission products, drives,
and generators. Baldor announced today that it has reached an
agreement with its lenders to amend its credit agreement effective
March 31, 2009. "We have been in compliance with all of our
financial covenants since the credit agreement was initiated on
January 31, 2007, and since that time we have reduced our debt by
$225 million. However, given the uncertain economic conditions, we
believe the right thing to do is to proactively amend our agreement
today," said John McFarland, Chairman and CEO. "Obtaining
sufficient cushion under our covenants gives us flexibility to
manage our business and take care of our customers for the
long-term." The amendment relaxes both the total leverage and
senior secured leverage ratios. Pricing on the term loan increased
to LIBOR plus 3.25% (from LIBOR plus 1.75% currently), and a 2.0%
LIBOR floor was added. The company paid a 0.75% amendment fee on
the sum of the revolving credit commitment and outstanding term
loan. The total leverage ratio covenant was amended as follows:
Prior to the Period Amendment As Amended Effective June 30, 2009
4.25 5.25 Effective December 31, 2009 3.75 5.25 Effective December
31, 2010 3.00 5.00 Effective March 31, 2011 3.00 4.75 Effective
June 30, 2011 3.00 4.50 Effective March 31, 2012 3.00 3.50 And at
all times thereafter The entire amendment can be found in the Form
8-K filed with the Securities and Exchange Commission today. BEZ-G
DATASOURCE: Baldor Electric Company CONTACT: Tracy Long, Vice
President Investor Relations of Baldor Electric Company,
+1-479-648-5769 Web Site: http://www.baldor.com/
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