Northwest Pipe amends and restates $115 million credit agreement

By Jennifer Chiou

New York, March 30 - Northwest Pipe Co. entered into on March 29 an amended and restated $115 million credit facility, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America, NA was the administrative agent.

The amendment further changed the definition of the asset coverage ratio so that 30% of eligible property, plant and equipment will no longer be included in the asset coverage ratio covenant calculation.

The filing said that the changes also extended the expiration date to April 30, 2013 from April 30, 2012.

The company said that a minimum consolidated EBITDA requirement mandating that consolidated EBITDA be greater than or equal to $42 million for each four fiscal quarter period was added.

Northwest Pipe is a Vancouver, Wash.-based manufacturer of welded steel pipe.

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