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Non-Tech : Borden Chemicals and Plastics Limited (BCU)
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To: Marty Rubin who wrote (15)12/23/1998 10:03:00 PM
From: Carmine Cammarosano  Read Replies (1) of 22
 
What does this mean:COLUMBUS, Ohio--(BUSINESS WIRE)--Dec. 23, 1998--Borden Chemicals and Plastics Operating Limited Partnership (NYSE:BCU) announced today that it has reached agreement with participant banks on amendments to its revolving credit facility that will provide the partnership with continued access to credit and enhanced financial flexibility.

The new two-year agreement waives the partnership's non-compliance with credit facility covenants at the end of the third quarter, and provides relaxed coverage ratio covenants through Dec. 31, 2000.

Initial borrowings under the facility will be $48.8 million, leaving $41.2 million available to the partnership under the agreement, once certain collateral arrangements are final. A copy of the full credit agreement will be included in a Form 8K filing with the Securities and Exchange Commission.
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