Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from John Edwards - Morgan, Keegan & Company, Inc.
John Edwards - Morgan, Keegan & Company, Inc.
You were talking about with the debt covenants that you're in compliance and on the interest cover and the leverage ratios, but you've said in your press release and said before that there's a threat of being in violation as early as this quarter and I thought maybe you could give a little more color on that.
Joseph L. Griffin
Yes, John, in fact, I'll repeat a couple things and let Matt kick in on that.
Again, the leverage ratio can go as high as 4.75 at the end of the second quarter, the end of the third quarter and at the end of the fourth quarter. What our concern is at this point, as we mentioned in our press release, what we're concerned about is at the end of the second quarter we could exceed 4.75. So unless the leverage covenant ratio is amended or we do something else on a credit agreement, we're very concerned at this point that we will be above 4.75.
I might let Matt elaborate on that as well.
Matthew S. Harrison
Yes, just to be clear, when you say this quarter we're talking about the quarter ended June 30, 2009.
Joseph L. Griffin
Right.
John Edwards - Morgan, Keegan & Company, Inc.
Okay, so that's where you're concerned is that even with the step up you could go above the 4.75 times.
Matthew S. Harrison
Yes, that's right, absolutely.
Joseph L. Griffin
That's right, John.
Operator
Your next question comes from Wyatt McCormick - Raymond James .
Wyatt McCormick - Raymond James
My first question concerns the nitrogen rejection plant. How long has that been down and do you have an update on the status of repairs or costs?
Joseph L. Griffin
Yes. You might have gotten that from my comparative to prior year's quarters and if I made a mistake with years, I apologize. The nitrogen rejection unit was down in the first quarter of 2008 that you're probably referring to.
Wyatt McCormick - Raymond James
Let me ask then about, given the proximity to the debt covenants and plans for $15 to $20 million in growth capital spending with $10.6 million already spent this quarter, will we see a delay in future growth capital spending?
Joseph L. Griffin
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