By: E&P Staff
Journal Communications Inc. said Wednesday its $299 million revolving credit facility has been extended another two and a half years.
Under the amendment, $74 million in the facility matures June 2, 2011 and $225 matures December 2, 2013.
The leverage covenant ratio was revised to 3.5 times debt to EBITDA, Journal Communications said.
“We are pleased to have completed this amendment, which has enabled us to extend the maturity of our credit facility by an additional 2 1⁄2 years, while providing us with sufficient financial flexibility to operate our business, pay down debt and opportunistically grow our company. We appreciate the bank group’s continued support,” Chairman and CEO Steven J. Smith said in a statement.