Protection One Given 15-Day Extension to Organize Its Finances
TOPEKA, Kan., and CULVER CITY, Calif.
Protection One announces that it has received from the lenders under its revolving credit facility an extension of the covenant waiver until Dec. 17. As of Dec. 2, the company had approximately $235 million utilized under the $250 million facility. Westar Capital, an unregulated subsidiary of Western Resources, is negotiating with the banks to assume the lenders’ obligations under Pro One’s revolving credit facility. Westar Capital and Pro One are also negotiating the terms and conditions of further waivers or amendments to the credit facility. Negotiations include increased costs of borrowing, changes to financial covenants and reduction in maturity of the facility to March 31, 2000. Western Resources owns approximately 85 percent of Protection One, which provides monitoring and related security services to more than 1.6 million residential and commercial subscribers in North America and Europe.
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