Texas-based Alamosa PCS, the largest of the Sprint affiliates, is working to renegotiate the covenants on its $305 million senior secured credit facility, and may face higher pricing if it cannot renegotiate them, according to an analyst who is in discussions with the wireless company. Alamosa violated its first quarter covenant on the loan when it reported an EBITDA deficit of $16.7 million. Under the covenant, Alamosa could not exceed an EBITDA deficit of $9.7 million. The loan was priced at LIBOR plus 4%, and Alamosa could face as much as a 25 basis point penalty if it exceeds the EBITDA deficit for the second quarter, according to analysts. The syndicate gave the company a pass on the violation for the first quarter, but analysts contend that if it happens again, Alamosa will be penalized. Kendall Cowen, cfo at Alamosa, did not return calls by press time. Lead arrangers are TD Securities and First Union.