Jul 02, 2012. /Lesprom Network/. Xerium Technologies, Inc. announced that, in a step designed to facilitate the streamlining of its operations, it has secured an amendment to its existing senior credit facility. “We believe the amendment we obtained will provide the necessary financial flexibility to accelerate certain restructuring opportunities we have been studying under our strategic plan we call “Vision 2015.” When successfully implemented, we feel these restructuring efforts could improve gross margins by approximately 200 to 300 basis points and operating income by up to $20 million annually,” said Stephen R. Light, the Company’s Chairman, CEO and President. He added, “We appreciate the active engagement and support of our many lenders who recognized the potential benefits this amendment could bring to the Company.” The amendment to the credit facility includes, among other changes, the following changes: - a change to the definition of Consolidated Operational Restructuring Costs to allow for additional add backs to Adjusted EBITDA up to the lesser of $15,000,000 or the Unused Maximum Consolidated Capital Expenditure Amount (as defined in the amendment) annually through 2015; - a small increase to the maximum leverage ratio covenant for the period beginning the 3Q 2012 through the 4Q 2013; - a change to the definition of Leverage Ratio to permit the netting of up to $25,000,000 of surplus unrestricted cash and cash equivalents held by certain of its foreign subsidiaries against total gross debt, subject to certain limitations; - an extended time period, until one year after the effective date of the amendment, in which the Company would owe a 1% prepayment premium in the event the Company refinanced its obligations under the credit facility at lower interest rates; - a 0.75% interest rate increase on the term loans for eighteen months. Xerium Technologies, Inc. is a leading global manufacturer and supplier of two types of consumable products used primarily in the production of paper-clothing and roll covers.