EnergySolutions extends debt reduction deadline via loan amendment

By Toni Weeks

San Luis Obispo, Calif., Oct. 15 - EnergySolutions, Inc. entered into the third amendment to its credit agreement on Friday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The amendment modifies the credit agreement so that

• The applicable margin for senior secured term loans will be increased until the company reduces the aggregate outstanding amount of the loans and its 10¾% senior notes due 2018 to $675 million or less;

• The company will pay to each lender entering into the amendment a 25 basis point consent fee;

• EnergySolutions will reimburse the administrative agent for fees, charges and disbursements of counsel in connection with the preparation of the amendment; and

• No later than 270 days after the effective date of the loan amendment, the company will reduce its aggregate outstanding debt from the term loans under the credit agreement and its 10¾% senior notes to $675 million or less.

The company held a call on Oct. 8 to launch the amendment, which was led by Morgan Stanley Senior Funding Inc.

EnergySolutions is a Salt Lake City-based nuclear commercial services company.

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