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NEW YORK - Medical device company Orthofix International NV said Monday it amended a credit agreement with Wachovia, increasing the interest rate, but easing other terms and maintaining payback flexibility.
| OFIX | 10.42 |  -0.18 |
Orthofix said the amendment includes revisions that relax the leverage ratio and clarify the definition of consolidated earnings before interest, taxes, depreciation, and amortization. The interest rate has risen to LIBOR plus 4.5 percent from LIBOR plus 1.75 percent.
The company said it will continue to have flexibility in repaying the loan at any time without additional costs.
Shares of Orthofix fell 97 cents, or 5.2 percent, to $17.79 in afternoon trading as broader markets fell sharply following the U.S. House's rejection of the financial bailout package. The stock has traded between $17.17 and $61.66 over the last 52 weeks.
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