Published on 3/25/2004 in the Prospect News Bank Loan Daily.
Eagle Family Foods gets new $82 million revolver
By Sara Rosenberg
New York, March 25 - Eagle Family Foods Inc. closed on a new $82 million secured revolver due March 23, 2007 with a $5 million letter of credit subfacility. Congress Financial Corp. is the administrative agent and Fortress Credit Opportunities I LP is the collateral agent, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
The facility consists of a $27 million revolver A with an interest rate of Libor plus 300 basis points and a $55 million revolver B with an interest rate of the greater of Libor plus 10%, or 12% per annum.
Financial covenants included in the credit agreement include a senior leverage ratio requirement, a fixed charge coverage ratio requirement and a consolidated EBITDA requirement (see table 1).
Proceeds were used to refinance the company's existing senior credit facility and will be used to fund working capital needs and other general corporate purposes.
Eagle Family Foods is a Gahanna, Ohio food manufacturer.
Table 1: Financial Covenants
| Fiscal Month Ended | Senior Leverage | Fixed Charge Coverage | Consolidated EBITDA
|
| Ratio | Ratio
|
| March 2004 | 2.99:1.00 | 1.07:1.00 | $18,397,000
|
| April 2004 | 3.16:1.00 | 1.06:1.00 | $18,290,000
|
| May 2004 | 3.41:1.00 | 1.05:1.00 | $18,169,000
|
| June 2004 | 3.87:1.00 | 1.03:1.00 | $17,340,000
|
| July 2004 | 4.34:1.00 | 1.00:1.00 | $17,004,000
|
| August 2004 | 4.47:1.00 | 0.99:1.00 | $16,922,000
|
| September 2004 | 4.49:1.00 | 0.97:1.00 | $16,690,000
|
| October 2004 | 4.08:1.00 | 0.94:1.00 | $16,488,000
|
| November 2004 | 3.35:1.00 | 0.90:1.00 | $15,991,000
|
| December 2004 | 1.94:1.00 | 0.88:1.00 | $15,585,000
|
| January 2005 | 2.43:1.00 | 0.87:1.00 | $15,448,000
|
| February 2005 | 2.94:1.00 | 0.87:1.00 | $15,597,000
|
| March 2005 | 3.24:1.00 | 0.88:1.00 | $15,749,000
|
| April 2005 | 3.56:1.00 | 0.88:1.00 | $15,861,000
|
| May 2005 | 3.81:1.00 | 0.88:1.00 | $15,937,000
|
| June 2005 | 4.10:1.00 | 0.89:1.00 | $16,065,000
|
| July 2005 | 4.42:1.00 | 0.90:1.00 | $16,280,000
|
| August 2005 | 4.47:1.00 | 0.91:1.00 | $16,475,000
|
| September 2005 | 4.34:1.00 | 0.92:1.00 | $16,754,000
|
| October 2005 | 3.67:1.00 | 0.96:1.00 | $17,488,000
|
| November 2005 | 2.73:1.00 | 1.00:1.00 | $18,226,000
|
| December 2005 | 1.40:1.00 | 1.02:1.00 | $18,556,000
|
| January 2006 | 1.77:1.00 | 1.02:1.00 | $18,665,000
|
| February 2006 | 2.20:1.00 | 1.03:1.00 | $18,784,000
|
| March 2006 | 2.45:1.00 | 1.03:1.00 | $18,915,000
|
| April 2006 | 2.71:1.00 | 1.04:1.00 | $19,030,000
|
| May 2006 | 2.92:1.00 | 1.04:1.00 | $19,143,000
|
| June 2006 | 3.16:1.00 | 1.05:1.00 | $19,295,000
|
| July 2006 | 3.46:1.00 | 1.05:1.00 | $19,290,000
|
| August 2006 | 3.54:1.00 | 1.05:1.00 | $19,287,000
|
| September 2006 | 3.49:1.00 | 1.05:1.00 | $19,302,000
|
| October 2006 | 3.02:1.00 | 1.06:1.00 | $19,437,000
|
| November 2006 | 2.24:1.00 | 1.07:1.00 | $19,576,000
|
| December 2006 | 1.03:1.00 | 1.07:1.00 | $19,598,000
|
| January 2007 | 1.40:1.00 | 1.07:1.00 | $19,575,000
|
| February 2007 | 1.82:1.00 | 1.07:1.00 | $19,556,000
|
| March 2007 | 2.08:1.00 | 1.07:1.00 | $19,522,000
|
|
|
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