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Rural/Metro Enters Into Amendment and Waiver to Its Senior Credit Facility; Provides Restatement Details
Date:10/17/2007

SCOTTSDALE, Ariz., Oct. 17 /PRNewswire-FirstCall/ -- Rural/Metro Corporation (Nasdaq: RURL) announced today that it has entered into an amendment and waiver to its senior secured credit facility effective September 1, 2007.

The amendment and waiver were required as a result of the Company's delay in filing its 2007 Annual Report on Form 10-K due to a restatement relating to financial reporting for several items, including income taxes, a retirement plan match, operating leases and subscription revenue. The agreement waives any defaults that existed under the credit agreement. The Company has paid an amendment and waiver fee of $733,000 to its lenders.

The Company's senior secured credit facility includes the $83.0 million Term Loan B, the undrawn $20 million revolving credit and the $45.0 million letter of credit facility, all due in 2011.

Additionally, the Company sought from its lenders certain financial covenant relief contained in the credit agreement, including total leverage ratio, interest expense coverage ratio and fixed charge ratio in order to provide additional operational flexibility.

The Company also obtained consent to the sale of real property due to favorable market conditions for commercial properties, on the basis that 100.0% of net proceeds will be used to repay the Term Loan B.

As a result of these provisions, the Company agreed to an increase in the applicable margin over LIBOR to 350 basis points, from 225 basis points on the Term Loan B, as well as an increase in the applicable margin to 350 basis points, from 225 basis points on the letter of credit facility. The Company anticipates related annual interest expense will increase approximately $1.6 million as a resul
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SOURCE Rural-Metro Corporation
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