| Monotype Imaging announced that on Oct. 30, the company amended the terms of its Amended and Restated Credit Agreement. Among its provisions, the amendment allows the company to use cash on hand to make acquisitions subject to an annual limit of $15M. The amendment also modifies the definition of adjusted EBITDA to allow the add back of severance and select non-cash or non-operating items. In return, the company agreed to make a non-scheduled principal payment of $5M and pay a one-time fee of approximately $600,000. The non-scheduled principal payment and the one-time fee were paid by the company on Oct. 30. Monotype Imaging has also agreed to an interest rate increase of 100 basis points and the addition of a liquidity covenant that requires the company to maintain access to $20 million either through the company’s line of credit or cash on hand. :theflyonthewall.com |
