Centerline amends to extend term maturity, waive net worth covenants

By Sara Rosenberg

New York, Jan. 15 - Centerline Holding Co. amended its credit facility on Friday, extending the maturity of the term loan to Feb. 5 from Jan. 15 and waiving compliance with the net worth covenants, according to an 8-K filed with the Securities and Exchange Commission.

In addition, the amendment added covenants regulating the use of the revolver in accordance with a cash uses forecast, and thereafter upon consent of the lenders.

Also, the amendment corrected the amount of a payment due under a termination agreement with respect to the company's office space located in Jersey City, N.J.

Bank of America is the administrative agent on the deal.

Centerline is a New York-based real estate finance and investing company.

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