SPX FLOW said Friday it has completed an amendment to its $1.35 billion senior secured credit facilities, which provide covenant relief through Dec. 2018.
The amendments also increase the net leverage covenant from 4 times to 4.75 times with step downs beginning in October next year. It also decreases the interest coverage ratio from 3.5 times to 3times with step ups from the same time period.
There is also an option to terminate the amendment at any time if the consolidated leverage ratio is less than or equal to 3.25 times and the interest coverage ratio is greater than or equal to 3.50 times.
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