Georgia-based lines, chlorovinyls and aromatics manufacturer Georgia Gulf Corporation has entered into an amendment to its senior secured credit facility to reset covenants until March 2010 with its lenders and that it has increased and extended its accounts receivable securitization until March 2011.

The amendment also permits the company to exchange existing debt securities for new 2nd lien notes or loans.

The company said that due to the impact of continued weakness in the North American housing market, it obtained adjustments to its leverage and interest coverage ratios as part of the amendment.

The amendment also established a trailing twelve-month minimum consolidated EBITDA threshold covenant.

Under the agreement, certain fees and interest rates payable to lenders increased by 1%. Each lender that is a party to the amendment and all lenders on the amendment’s effective date that were not given the opportunity to consent to the amendment will receive a 1% percent consent fee.

In addition, the amendment includes an annual capital expenditures limitation of $35 million in 2009 and $55 million in 2010.

The company also entered into a new asset securitization agreement that allows for the inclusion of Canadian receivables and was increased to $175 million and may be expanded to $200 million under certain conditions. The new agreement expires on March 17, 2011.