Q.E.P. CO., INC. announced that it entered into Amendment No. 3 to the Fifth Amended and Restated Loan and Security Agreement, Waiver, Consent and Release dated February 15, 2021 with its lending institution, Bank of America, N.A. The Loan Agreement continues to provide QEP and certain of its subsidiaries with up to $85,000,000 in revolving credit availability for its working capital needs and other general corporate purposes. The Amendment provides for certain changes to the Loan Agreement, including: (i) Permitting capital expenditures up to $10,000,000 for upgrades and expansion of certain manufacturing and distribution facilities; (ii) The disposition of real and personal property in Apple Creek, Ohio for $1,450,000 as part of the dissolution of the Company's AC Products business; and (iii) Adjusting the requirements for the Fixed Charge Coverage Ratio financial covenant. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment which is incorporated herein by reference to the Company Quarterly Report to be filed on or about January 15, 2023.
Q.E.P. Co., Inc. is a designer, manufacturer, and distributor of a range of flooring and installation solutions for commercial and home improvement projects around the world. The Company operates through two segments: North America and Europe. The Company offers a comprehensive line of specialty installation tools, adhesives, and underlayment. The Company sells its products throughout the world to home improvement retail centers and professional specialty distribution outlets under brand names, including QEP, LASH, ROBERTS, Capitol, Premix-Marbletite (PMM), Brutus, Homelux, PRCI, and Tomecanic. The Company's specialty tools, and related products are sold through the Company's sales staff; independent manufacturing representatives; outside salaried and commissioned sales representatives; an in-house telemarketing sales force, and e-commerce.
Q.E.P. CO., INC. 
