This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Belden Amends Credit Facility

ST. LOUIS (AP) ¿ Belden Inc., an electronics-components maker, says it has amended its $350 million senior secured revolving credit facility.

Belden officials said the change will boost its borrowing costs but still give the company more flexibility in managing its cash as it weathers weaker global demand for its products.

Belden said late Tuesday that the amendment changes the definition of earnings before interest, taxes, depreciation and amortization, or EBITDA, used in the calculation of the gross debt-to-EBITDA leverage ratio covenant in the agreement.

The amendment boosts the its cost of borrowings under the facility by 100 basis points.

As a result of the amendment, Belden's debt-to-EBITDA leverage ratio as of Dec. 31 was 2.2, down from 2.9 before the amendment. The agreement had called for a ratio of 3.5 and there was a risk that the creditors could have found Belden in default without the change.

The company incurred about $1.6 million in costs in connection with the change.

In December, the company announced plans to cut 1,800 jobs worldwide, or 20 percent of its work force, and consolidate some manufacturing operations, citing a continued softening of demand.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BDC $50.71 1.32%
AAPL $113.29 0.33%
FB $91.01 1.43%
GOOG $630.38 -1.13%
TSLA $248.48 2.26%

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs