Allied Holdings again amends loan, specifying the amount of permitted loan debt, raising rates

By Sara Rosenberg

New York, July 27 - Allied Holdings Inc. amended its credit facility, specifying an amount of permitted loan debt for certain periods, increasing interest by 3% on all outstanding obligations for July 25 through Aug. 1 and changing the debt incurrence ratio, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

As amended, for the period beginning July 25 and ending Aug. 1, revolver borrowings cannot exceed $24.9 million.

In addition, for the period beginning July 25 and ending Aug. 1, letters of credit can't exceed $43.7 million.

The amendment also provides that the prepayment premium of $1.9 million is due as of July 25 and must be paid on Aug. 1. Prior to the amendment, the prepayment premium was due and payable in the event all obligations under the credit facility were paid in full prior to Sept. 4, 2006.

The amendment is effective as of Monday.

Wells Fargo Foothill Inc. is administrative agent on the deal.

Allied Holding is a Decatur, Ga.-based provider of logistics and other support services to the automotive industry.

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