JPMorgan Chase Bank acted as both administrative and syndication agent on an amendment to its credit agreement with interior design and home furnishings retailer Ethan Allen Interiors. The amendment provides a revolving credit line of up to $165 million.

According to the related 8-K filing, Capital One acted as documentation agent on the transaction.

At the Ethan Allen’s option, revolving loans under the facility will bear interest, based on the average availability, at an annual rate of either LIBOR plus 1.5% to 2.0%, or the higher of the prime rate, the federal funds effective rate plus 0.5% or LIBOR plus 1.0%, plus in each case 0.5% to 1.0%.

The facility does not contain any significant financial ratio covenants or coverage ratio covenants other than a fixed charge coverage ratio covenant based on the ratio of EBITDA, plus cash rentals, minus unfinanced capital expenditures to fixed charges, as defined in the facility. This covenant only applies in certain limited circumstances, including when the unused availability under the facility drops below $18.5 million. The ratio is set at 1.0 and measured on a trailing twelve-month basis.

Certain facility lenders provided, and may in the future provide, commercial and investment banking or other financial services to the Ethan Allen and its subsidiaries for which they received, and may in the future receive, customary compensation and expense reimbursement.

The amended and restated facility was also extended and will now mature on December 21, 2023.