Welbilt Completes Senior Secured Revolving Credit Facility Amendment
Welbilt, Inc. (WBT)
Last welbilt, inc. earnings: 2/25 06:00 am
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US:NYSE Investor Relations:
ir.manitowocfoodservice.com/investor-relations/default.aspx
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Source: Business Wire
Financial covenants on $400 million revolver amended to provide compliance relief due to impact from COVID-19 pandemic NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--Welbilt, Inc. (NYSE:WBT) announced today that it has amended its $400 million senior secured revolving credit facility (“Revolver”) to address the risk of non-compliance with the Revolver’s financial covenants due to the COVID-19 pandemic’s impact on the commercial foodservice industry and the resulting demand for our products.Highlights of key terms of the Revolver amendment include:The Leverage Ratio and Interest Coverage financial covenants are suspended for four quarters beginning with the quarter ending June 30, 2020 and replaced during that period with Minimum Consolidated EBITDA, Minimum Liquidity and Maximum Capital Expenditures tests, with the Minimum Liquidity test extending one additional quarter.The Leverage Ratio and Interest Coverage tests will be reinstated in the second quarter of 2021 at modified levels as co
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