U.S. Bank Agents Dolan Company Facility Amendment
The Dolan Company announced it entered into an amended credit facility. According to an 8-K filed February 14, 2014, U.S. Bank acted as administrative agent, LC issuer and swing line lender.
The amendment extends the time for the company to negotiate terms for restructuring the company’s balance sheet from the period previously set in the seventh amendment and provides the company with access to its revolving credit facility during February 2014 while the company and its lenders negotiate and implement terms for such a restructuring.
It requires the company and its lenders to agree on a term sheet for addressing the company’s capital structure by February 20, requires the company to act thereafter in accordance with the agreed terms, temporarily waives the company’s existing and near-term defaults with respect to covenants, payments and other obligations, and requires an additional fee equal to 5% of the sum of the outstanding term loans and revolving commitments.
The Dolan Company is a provider of professional services and business information to the legal, financial and real estate sectors.