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Consolidated Container amends, gaining acquisition flexibility, waiving defaults from restatements
By Sara Rosenberg
New York, Oct. 17 - Consolidated Container Co. LLC amended its senior secured credit facility, providing flexibility for acquisitions and waiving events of default arising from restatements, according to an 8-K filed with the Securities and Exchange Commission Tuesday.
Under the amendment, the company is permitted to make additional acquisitions of up to $65 million and to borrow up to an additional $50 million of incremental terms loans to finance the acquisitions.
In addition, the company received a waiver of defaults that could arise from the restatement of its financials for the years ended Dec. 31, 2005, 2004 and 2003 and for the fiscal quarter ended March 31, 2006.
Furthermore, the waiver also addresses the failure by the company to deliver the financial statements for the quarter ended June 30 and for the month ended July 31 within the time period required by the credit agreement. The statements have now been filed with the SEC.
Deutsche Bank is the administrative agent on the deal.
Consolidated Container is an Atlanta-based manufacturer of rigid plastic containers.
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