Shiloh Industries, Inc. today announced the completion of the Third Amendment Agreement of the Company's Credit and Security Agreement with a syndication of lenders led by National City Bank as co-lead arranger, sole book runner and administrative agent and The Privatebank and Trust Company as co-lead arranger and syndication agent. The Third Amendment provides the Company with a revolving line of credit of $95,000,000 subject to a borrowing formula requirement. The line of credit matures in July 2012.
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The Third Amendment addresses financial covenant issues that the Company was facing as a result of the current business conditions affecting the automotive industry in North America. Specifically, the Third Amendment adjusted certain financial covenants and provides that for the period until November 30, 2009, the inability to meet certain financial covenants will not result in an event of default until November 30, 2009. The Company must also maintain agreed to levels of earnings before interest, taxes, depreciation and amortization as defined for the three months ending at each month end date from June 30,2009 to January 31, 2010.
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