UPDATE 1-USG People extends loan covenants, lowers debt

* Extends net debt/EBITDA ratio limit to 3.0 from 2.5

* Sells a portion of trade accounts receivable

* Says measures give more certainty amid current markets

(Adds details, background)

AMSTERDAM, July 2 (Reuters) - Dutch staffing firm USG People NV (USGP.AS) said on Thursday it had extended its bank covenants and lowered debt through factoring, in which a portion of its trade accounts receivable were to be sold for 50 million euros ($70.4 million). "The measures taken will strengthen the balance sheet and the adjusted conditions for the credit facility give the group more financial certainty in the current market situation," USG People said in a statement.

USG People, the Netherlands' second-largest jobs company, said it had agreed with crediting banks the adjustments to its bank covenants would take effect in the third quarter and would be valid for a period of little more than a year.

It said the maximum net debt to recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) ratio allowed under its covenants would be raised to 3.0 from 2.5 and the minimal allowable interest coverage ratio would be lowered to 3.0 from 4.0.

The original covenants will come into effect again from the fourth quarter of 2010.

USG added that via the factoring, a total of about 50 million euros in accounts receivable could be sold. It said the factoring was done at the end of June. ($1=.7107 Euro) (Reporting by Aaron Gray-Block; Editing by Hans Peters)