Polymer Group, Inc. has successfully amended its senior credit facility. "We appreciate the continued support from our lending group and are pleased our amendment requests were approved as submitted. This amendment provides greater financial flexibility which allows PGI to focus on growing the business and executing our strategies to become the industry leader as we strive to de-leverage our balance sheet through the combination of debt repayment and earnings growth," said PGI’s chief financial officer, Willis (Billy) Moore.
The amendment to the senior facility, among other things, included certain changes to the definitions of Consolidated EBITDA used for calculating the Total Leverage Ratio and Interest Expense Coverage Ratios and provided for increased flexibility under each of the Total Leverage Ratio and Interest Expense Coverage Ratio covenants. The company was in full compliance with its credit agreement at the end of the third quarter ended September 30, 2006 and expects to remain in compliance for the foreseeable future.