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  • headwind357 headwind357 Jun 21, 2011 6:15 PM Flag

    Vote of Confidence?

    by banks?
    Entry into a Material Definitive Agreement, Financial Statements and Exhibits

    Item 1.01 Entry into a Material Definitive Agreement.
    USEC Inc. ("USEC" or the "Company") and its wholly owned subsidiary United States Enrichment Corporation entered into a First Amendment to Third Amended and Restated Credit Agreement (the "Amendment") dated as of June 20, 2011 with the lenders parties thereto and JPMorgan Chase Bank, N.A., as administrative and collateral agent. The Amendment amends the Third Amended and Restated Revolving Credit Agreement dated as of October 8, 2010 by and among USEC, United States Enrichment Corporation, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative and collateral agent, and the revolving joint book managers, revolving joint lead arrangers and other agents party thereto (the "Credit Agreement"). USEC requested the Amendment to provide increased flexibility for continued investment in the American Centrifuge project.

    Under the terms of the existing credit facility, the Company was subject to restrictions on its ability to spend on the American Centrifuge project. Subject to certain limitations and exceptions, the Credit Agreement permitted the Company to spend up to $165 million in the aggregate over the term of the credit facility. The Amendment removes this spending restriction. The Credit Agreement, as amended by the Amendment, instead restricts spending on the American Centrifuge project if Availability falls below $100 million, as described below:

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    • Sorry about the re-post.

      • 1 Reply to expatriate7
      • Why be sorry about the repost? Please feel free to repost anytime. Headwind does not even have the ability or the decency to answer a posters question when it is related to this company....he is an expert in every subject known to man except...he is unable to read a simple restated credit agreement and comment thereon. He is too busy trying to wage his socialism, Canada hatred, Fox pushing, stupidity, twist everything to my own liking campaign on a FINANCE board. Maybe since you really seem to own this stock, you could answer the question raised by the poster above? There is a reason that people who invest in this company do not come to this board for anything much of value. Whenever a legitimate question is proposed, it is not answered in favor of the global warming/socialism/Obama hatred crap.

    • Is it a vote of confidence or more? If you knew the LG was coming, this would allow the project to get up and running immediately. I am sure there is some lag time between getting the LG and getting some actual money to ramp up the project. Maybe I read too much into it but this is what I am hoping.

    • Why is this needed?