Cracker Barrel tweaks debt deals
Posted on November 6, 2009 at 12:34 pm
CFO Sandy Cochran has renegotiated the maturity dates of Cracker Barrel’s revolving line of credit (while also shrinking it by a third) and long-term loans. About two-thirds of the revolver now won’t be due until 2013, about 40 percent of the term loans until 2016. The tweaks will add about $2 million in interest costs this fiscal year for Cracker Barrel, whose shares (Ticker: CBRL) are flat on the day.
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If doing it three times is good…
Posted on November 2, 2009 at 8:18 amAmerican HomePatient and its debt holders have for the fourth time extended a repayment deadline for $226 million that was originally due Aug. 1.
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We’ll have the money next month
Posted on October 2, 2009 at 7:27 amAmerican HomePatient has negotiated a third extension to the deadline for paying back more than $220 million in debt. Mark your calendars for Nov. 2.
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HomePatient holds off the hangman again
Posted on September 1, 2009 at 6:51 amHome health care provider American HomePatient (Ticker: AHOM) has extended until Oct. 1 a forbearance agreement with its largest debt holders. The investors will hold off on exercising their option to take control of the company to see if CEO Joe Furlong and his team can come up with a way to repay more than $220 million in debt.
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J. Alexander’s faces material adverse effects
Posted on August 13, 2009 at 8:09 amThe Nashville-based restaurant company (Ticker: JAX) says the slide in its same-store sales could result in it falling short of bank loan covenants. (Search here for ‘Risk factors.’) The company will try to get waivers if that happens, but…
However, if these efforts were not successful, the unused portion of the Company’s revolving bank line of credit would not be available for borrowing and amounts outstanding under the Company’s bank loans would become immediately due and payable, and there could be a material adverse effect on the Company’s financial condition and operations.
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A stay of execution for American HomePatient
Posted on August 4, 2009 at 8:18 am
The debt-laden home health care supplier (Ticker: AHOM) has received a month’s grace from its lenders on the $226 million that was due this past Saturday. After Sept. 1, those lenders — led by 48 percent shareholder Highland Capital Management — can foreclosure on “substantially all the assets of the Company.” (Search for ‘Going concern.’)
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PetDRx tweaks loan
Posted on March 31, 2009 at 10:01 pmThe struggling veterinary hospital operator (Ticker: VETS) has renegotiated its loan with Huntington Capital, which is based in San Diego.
The First Amendment waives the Company’s default of the prior covenants as of December 31, 2008, as well as through March 31, 2009. In addition, all future financial covenant requirements have been removed through the term of the loan.
Under the terms of the First Amendment, the Company is required to accelerate and make a $0.3 million principal payment on April 1, 2009 and then pay the remaining $1.1 million of principal over eighteen ratable monthly payments commencing on July 1, 2009 and ending on December 1, 2010. There was no change to the interest rate of the note. Additionally, upon execution of the First Amendment, the Company was required to pay a $100,000 restructuring fee and will be required to pay an additional restructuring fee of $150,000 on December 1, 2010.
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Local public company will pay 184 percent on debt
Posted on March 15, 2009 at 9:41 pmBrentwood-based animal hospital chain Pet DRx early this year secured $5.5 million in debt paying 12 percent from its two majority shareholders. Now that the company (Ticker: VETS) has gone to holders of its other debt to amend their terms, Galen Partners and Camden Partners will be paid a premium of more than $10 million on the $5.5 million in new debt.
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Massive goodwill charges at LP, Brookdale
Posted on March 2, 2009 at 6:52 amTime to brush up on FASB 142, the accounting rule that requires companies to take a close look at the goodwill on their books at the end of the year. Both Louisiana-Pacific and Brookdale Senior Living reported big fourth-quarter losses due in large goodwill impairment charges – $274 million and $215 million, respectively. That’s got both companies focusing in cash.
LP (Ticker: LPX) booked a Q4 loss of $341 million as revenue fell by a third to $250 million from late 2007. CEO Rick Frost said his team, which has been cutting costs big time, is “actively considering other financing and refinancing transactions to improve our overall liquidity.”
At Brookdale (Ticker: BKD), fourth-quarter losses totaled $279 million although revenues rose slightly to $487 million. CFO Mark Ohlendorf said “Brookdale is in a solid liquidity position” and will use its cash to slim its debt load. The company on Friday said it has pushed out the due dates for a chunk of that debt.
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With refinery still down, Delek tweaks debt deal
Posted on February 23, 2009 at 7:51 amThe parent of Mapco has agreed with its lenders to amend an asset-based lending agreement because of the fatal accident that shut down its Texas refinery last November. Among the terms is a clause that lets the company (Ticker: DK) shift assets from one division to another and a Sept. 30 deadline to get the refinery back up and running. The company last month said it was shooting for a May restart.
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News 2 parent skipping bond payment
Posted on January 16, 2009 at 7:55 amYoung Broadcasting says it has a 30-day grace period on the note and has hired UBS and a national law firm to help it analyze its restructuring options.
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More debt changes at Advocat
Posted on December 23, 2008 at 3:55 pmThe nursing home operator (Ticker: AVCA) gets some breathing room on its commercial mortgage deal. The company last week tweaked its bank debt line.
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Advocat tweaks debt terms
Posted on December 19, 2008 at 5:50 pmThe nursing home operator, which was not in compliance with the fixed-charge ratio of its debt line at the end of September, has amended the terms of that agreement.
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Delek’s new debt deal
Posted on December 9, 2008 at 3:43 pmIt’s not drastic by the standards of other recent credit line amendments, but Delek has tweaked its senior debt facility to allow it to sell some real estate and remove a unit of Lehman Brothers from the deal.
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Spit it out
Posted on November 25, 2008 at 6:33 pmOn their conference call Monday, CBRL Group (Ticker: CBRL) executives wouldn’t disclose – despite being pressed by analysts – the numbers behind the debt covenant ratios they said they are complying with. A day and a half later, they have changed their minds and show that, at its current level, one of those ratios will be too high come May 1.
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