McCormick & Schmick's amends revolver, revising size, pricing and covenants

By Sara Rosenberg

New York, Jan. 30 - McCormick & Schmick's Seafood Restaurants Inc. amended its revolving credit facility, reducing the size to $90 million from $150 million, increasing pricing and loosening financial covenants, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Under the amendment, pricing on the revolver is now set at Libor plus 200 basis points with a 37.5 bps commitment fee. Pricing can range from Libor plus 125 bps to 250 bps and the commitment fee can range from 25 bps to 50 bps based on leverage.

Also, the adjusted leverage ratio is now set at 4.50:1.00 for the fourth quarter of fiscal 2008 through the third quarter of fiscal 2010, and 4.25:1.00 thereafter.

And, the consolidated fixed-charge coverage ratio is now set at 1.75:1.00 for the fourth quarter of fiscal 2008 through the third quarter of fiscal 2010, and 1.95:1.00 thereafter.

The amendment was completed on Jan. 29.

Bank of America is the administrative agent on the deal.

McCormick & Schmick's is a Portland, Ore.-based seafood restaurant operator.

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