MIAMI — Neff Corp., No. 8 on the RER 100, reached an agreement with its lenders to amend certain terms of the company's revolving credit facility, including a reduction of the facility's maximum commitment to $160.0 million from $219.5 million, as of June 30. The agreement allows for subsequent reductions each quarter until Dec. 31, 2002, when the commitment will be reduced to $120.0 million.
As of March 31, Neff had $141.3 million outstanding under the revolving credit facility.
The amendment permanently waives the events of default under certain financial covenants and includes an increase in pricing.
Following the agreement, Standard & Poors in New York removed all Neff ratings from Credit-Watch where they were placed Feb. 28. The company's credit rating stands at B- with a negative outlook.
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