Duff & Phelps (DUF) Enters Fourth Amendment to Credit Agreement
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On October 13, 2011, Duff & Phelps, LLC (NYSE: DUF), the primary operating subsidiary of Duff & Phelps Corporation, entered into a fourth amendment to its Credit Agreement dated as of July 15, 2009 (as amended by (i) the First Amendment to Credit Agreement dated as of November 8, 2010, (ii) the Second Amendment to Credit Agreement dated as of February 23, 2011 and (iii) the Third Amendment to Credit Agreement dated as of August 15, 2011), with Bank of America, N.A., as administrative agent and the lenders from time to time party thereto. The Credit Agreement provided for a $30 million senior secured revolving credit facility with a maturity date of July 15, 2012.
Pursuant to the amendment, (i) the commitments under the Credit Agreement were increased from $30 million to $75 million, (ii) the maturity date of the Credit Agreement was extended from July 15, 2012 to October 13, 2016, (iii) the pricing of the revolving loans was revised by adding two pricing levels and adjusting downward the applicable rate of interest and adjusting upward the applicable rate of unused fees and (iv) the financial covenants and the indebtedness covenant and certain definitions used therein were revised.
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Pursuant to the amendment, (i) the commitments under the Credit Agreement were increased from $30 million to $75 million, (ii) the maturity date of the Credit Agreement was extended from July 15, 2012 to October 13, 2016, (iii) the pricing of the revolving loans was revised by adding two pricing levels and adjusting downward the applicable rate of interest and adjusting upward the applicable rate of unused fees and (iv) the financial covenants and the indebtedness covenant and certain definitions used therein were revised.
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