Lifetime Brands amends loan to permit 4.75% convertibles repurchases

By Jennifer Chiou

New York, Feb. 12 - Lifetime Brands Inc. entered into an amendment to its credit agreement to, among other things, allow it to purchase up to $15 million of its 4.75% convertible notes from time to time, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The seventh amendment to the company's credit agreement also eliminates the requirement to obtain consent from the lenders prior to completing permitted acquisitions.

The company previously agreed with its credit facility lenders to reduce to $107 million the minimum net sales requirement for the quarter ended Sept. 30.

Lifetime is a Garden City, N.Y.-based designer, developer and marketer of various consumer products.

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