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GSE Systems amends credit agreement, modifies financial covenants
By Sarah Lizee
Olympia, Wash., July 1 – GSE Systems, Inc. and its wholly owned subsidiary GSE Performance Solutions, Inc. entered on Friday into a fifth amendment and reaffirmation agreement with Citizens Bank, NA, modifying some financial covenants under the agreement, according to an 8-K filing with the Securities and Exchange Commission.
The fixed coverage ratio was changed to 1.15 to 1.00 through the periods ending on Sept. 30, 2019 initially, from 1.25 to 1.00 to previously.
The leverage ratio was set at 2.75 to 1.00 through the periods ending on March 31, 2020. It was previously set to reduce to 2.5 to 1.0 beginning with the period ended June 30, 2019.
Baltimore-based GSE provides training to the energy, process, manufacturing and government sectors.
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