The new loan, which was arranged by Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc., as Joint Lead Arrangers, will bear interest at LIBOR plus 2.50 percent. The applicable margin is reduced as the loan is paid down or as the company's credit rating improves. It can be as low as LIBOR plus 2.00 percent if the loan balance is under $600 million or the loan facility credit rating, as determined by Moody's Investor Services and Standard & Poor's, improves to Ba3 and BB-, respectively. The term of the loan is seven years with substantially all of the principal amount payable at maturity. The loan requires the company to maintain a minimum level of unrestricted cash and a minimum collateral coverage ratio.
