Epicor aims for greater operating flexibility
Epicor Software Corporation today announced that it amended its existing Credit Facility agreement to provide the Company with more operating flexibility in light of changing economic conditions over the past 18 months.
Epicor EVP and CFO Michael Pietrini commented, “We have always been confident in our ability to manage our business within the terms of the previously existing Facility. However, due to the dramatic changes in the economic climate since we first negotiated the Facility terms more than 18 months ago, the previous covenants — particularly the fixed charge covenant — were becoming a potential impediment for the Company and were being factored into many of the business decisions we made.
“We are fortunate to be well positioned within the markets we address,” Pietrini continued, “and we continue to execute on our product strategy and manage the business to optimize results in the current environment, which helped lead to 100% lender consent to the amendment.”
“We have realigned the Facility’s financial covenants with the current state of the economic environment, which we believe provides us with significantly more flexibility to operate our business for the near and long term benefit of our customers, employees and shareholders, as we anticipate the eventual upturn in the industries and markets we serve.”