Reynolds & Reynolds
said its lender banks have given unanimous consent to an amendment to its $200 million committed credit facility.
The amendment relates to the company's previously announced delay in filing its annual report on Form 10-K for the fiscal year ended Sept. 30, 2005, and its quarterly report on Form 10-Q for the quarter ended Dec. 31, 2005.
As on Feb. 28, borrowings of $50 million were outstanding on the facility and the company's cash balance was about $185 million.
The Dayton, Ohio-based company said that about $104 million will be set aside in trust to service all remaining payments of interest and principal on the public debt.
Under the terms of the amendment, certain transactions will be permitted if the company maintains a specified amount of cash and borrowing capacity under existing credit facilities. This requirement remains in effect only until such time as the company becomes current in its SEC filings.
"The company continues to generate strong cash flow and our present cash and available borrowing capacity is more than sufficient for the foreseeable future," the company said.
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