Emmis Communications amended its credit facility with Bank of New York Mellon succeeding JPMorgan as administrative agent.

According to a related 8-K filing, the amendment eliminated maximum total leverage ratio covenant through May 31, 2018 and replaced maximum total leverage ratio covenant with a minimum consolidated EBITDA covenant of $20 million.

In addition, the amendment required the company to enter into definitive agreements by January 18, 2018 to sell assets generate at least $80 million of sale proceeds and accelerated the maturity of term loans to April 18, 2019 and revolving loans to August 31, 2018.

JPMorgan Chase, the previous administrative agent, resigned as administrative agent, and Bank of New York Mellon was appointed successor agent. JPMorgan will continue in its role as issuing lender or swingline lender. Fifth Third Bank is serving as syndication agent, and J.P. Morgan Securities served as bookrunner and lead arranger.