NATIONAL HEALTHCARE <NHCI> GETS DEFAULT WAIVERS
National Healthcare Inc said it has
received a waiver until May 26 of its technical defaults under
covenants of its bank credit agreement.
    The company said that under an amendment to the credit
agreement, its line of credit has been cut to 125 mln dlrs due
to reduced requirements for acquisition financing, interest on
all borrowings has been increased and National Healthcare has
agreed to provide additional collateral.
    It said the banks have advanced it another six mln dlrs for
working capital, bringing the total borrowed against the line
to about 120 mln dlrs.
    National Healthcare said that during the waiver period it
intends to seek more permanent modifications to covenants of
the bank credit agreement.
 Reuter
