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Isle of Capri amends loan to change total leverage and fixed-charge coverage ratios
By Sara Rosenberg
New York, Nov. 24 - Isle of Capri Casinos Inc. amended its credit facility, changing the consolidated total leverage ratio, minimum fixed-charge coverage ratio and consolidated capital expenditures covenants, according to an 8-K filed with the Securities and Exchange Commission Wednesday.
More specifically, consolidated total leverage ratio levels were increased for the second quarter 2005 through the second quarter 2006, minimum fixed-charge coverage ratio levels were decreased to 1.65-to-1.00 for the second quarter 2005 through the second quarter 2006 and consolidated capital expenditures allowed during any fiscal year was increased to $50 million from $40 million.
CIBC is the administrative agent on the deal.
The amendment took effect on Tuesday.
Isle of Capri is a Biloxi, Miss., developer, owner and operator of branded gaming facilities and related lodging and entertainment facilities.
Table 1: Consolidated total leverage ratio
Period Ratio
Second quarter 2005 5.00-to-1:00
Third quarter 2005 5.50-to-1:00
Fourth quarter 2005 5.50-to-1:00
First quarter 2006 5.75-to-1:00
Second quarter 2006 5.75-to-1:00
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