Expedia amends loan, reducing minimum consolidated net worth test

By Sara Rosenberg

New York, Aug. 8 - Expedia Inc. amended its credit facility, reducing the minimum consolidated net worth test to $3.5 billion and, beginning with the fiscal quarter starting on Oct. 1, under specified circumstances, 50% of the company's consolidated net income, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

In addition, the amendment allows the company to make certain restricted payments, provided there is no default, and the company's leverage ratio, after giving pro forma effect to the payments and any related indebtedness, would not exceed 3.0 to 1.0.

The amendment was completed on Aug. 7.

JPMorgan is the administrative agent on the deal.

Expedia is a Bellevue, Wash.-based online travel services company.

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