EveryWare Gets Investment from Monomoy, Amends Credit Agreements
July 30, 2014,
LANCASTER, Ohio-Monomoy Capital Partners, an investment firm, has agreed to invest $20 million in EveryWare Global, which has also amended its term loan agreement and asset-based lending (ABL) facility.
The investment is in return for EveryWare's series A senior redeemable preferred stock, with a liquidation preference of $21.2 million and warrants to purchase 4,438,005 shares of EveryWare's common stock. The amendment to the term loan agreement provides, among other things, for a waiver of the events of default that occurred when EveryWare failed to comply with the consolidated leverage ratio and interest coverage ratio covenants for the fiscal quarters ending on March 31 and June 30 of this year. It also stipulates that the financial covenants in the term loan won't be measured until March 31, 2015, and provides for the issuance of warrants to purchase 2,958,670 shares of EveryWare's common stock with an exercise price of 1 cent per share to the lenders.
The ABL amendment increases the maximum revolver amount available under the facility from $55 million to $60 million, among other things.
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