Alliance One International entered into an agreement to amend and restate its senior secured revolving credit facility.  Upon the effectiveness of the amendment and restatement, the senior secured revolving credit facility will be in the amount of approximately $303.9 million, which will automatically reduce to approximately $210.3 million in April 2014, and will mature in April 2017, subject to a springing maturity in April 2014 if by that date the company has not deposited sufficient amounts to fund the repayment at maturity of all then outstanding 5 ½% convertible senior subordinated notes due 2014 of the company (the "Convertible Notes").  Borrowings under the amended senior secured revolving credit facility will initially bear interest at an annual rate of LIBOR plus 3.75% and base rate plus 2.75%, as applicable, though the interest rate under the amended senior secured revolving credit facility will be subject to increase or decrease according to a consolidated interest coverage ratio.

An 8-K filing with the SEC dated Jul. 26, 2013 notes Deutsche Bank is serving as administrative agent on the facility.

The effectiveness of the amendment and restatement of the company's senior secured revolving credit facility is subject to the satisfaction of the following conditions:

• the issuance of senior secured second lien notes (the "Senior Notes") by the Company in an offering providing gross cash proceeds of no less than a specified amount;
• the application of a portion of the net proceeds of such offering of Senior Notes to pay the principal of, and the redemption premium and interest on, the Company's $635 million in aggregate principal amount of 10% senior notes due 2016 (the "Existing Senior Notes") in connection with the Company's previously announced conditional redemption of the Existing Senior Notes;
• the deposit of the net proceeds of such offering of the Senior Notes not so applied to the redemption of all of the Existing Senior Notes to a segregated account maintained by the lenders to be used solely to purchase any and all of the Convertible Notes tendered in the ompany's previously announced cash tender offer (the "Tender Offer") and, subject to conditions, to retire any remaining Convertible Notes not purchased in the Tender Offer, including repayment at maturity; and customary closing conditions.

Upon the effectiveness of the amendment and restatement, the agreement governing the amended senior secured revolving credit facility will permit the issuance of the Senior Notes, the application of the net proceeds from the offering of the Senior Notes to redeem the Existing Senior Notes on the August 2, 2013 redemption date and the purchase of the Convertible Notes in the Tender Offer.

Certain amendments to the financial covenants included in the agreement governing the senior secured revolving credit facility became effective upon the execution of the Amendment and Restatement Agreement.

View the entire SEC release here.