Financial Covenants under Syndicated Loan Agreements
First written in FY2018. 9 of 19 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2017: 8 of 64 companies on the "Worse" side.
43 other companies' latest entry also says "Restated".
- FY2025RestatedAnnual report
「Loan agreement dated 26 September 2024 with 信和株式会社 (agent: 株式会社みずほ銀行). The Company has entered into a loan agreement with 株式会社みずほ銀行 acting as agent.」
The financial covenants under the December 2023 and September 2024 agreements, including maintaining total equity at 75% or more and avoiding operating losses for 2 consecutive periods, remain in place. - FY2025-H1ReframedAnnual report
「From the fiscal year ending March 2025 onward, the amount of total equity on the consolidated statement of financial position at the end of each fiscal year must be maintained at 75% or more of the amount of total equity on the consolidated statement of financial position at the end of the fiscal year ended March 2024. However, for each fiscal year, losses deducted under impairment accounting for goodwill are to be reversed.」
The new loan agreement dated 26 September 2024 established financial covenants requiring total equity to be maintained at 75% or more and avoiding operating losses for 2 consecutive periods. The first test under the new agreement covers the fiscal year ending March 2026 and the preceding fiscal year. - FY2024ReframedAnnual report
「From the fiscal year ending March 2024 onward, the amount of total equity on the consolidated statement of financial position at the end of each fiscal year must be maintained at 75% or more of the amount of total equity on the consolidated statement of financial position at the end of the fiscal year ended March 2023.」
Following the refinancing, the net asset maintenance threshold under the financial covenants was set at 75% or more of total equity at the end of the fiscal year ended March 2023, with testing to begin from the fiscal year ending March 2024. - FY2024-Q3MitigatedAnnual report
「Of the long-term borrowings, including long-term borrowings due for repayment within 1 year, ¥3,242.189 million at the end of the previous consolidated fiscal year and ¥2,450.098 million at the end of the third quarter of the current consolidated accounting period are subject to the following financial covenants. The Group also refinanced its borrowings during the third quarter of the current consolidated accounting period.」
The long-term borrowings subject to the financial covenants decreased from ¥3,242.189 million at the end of the previous fiscal year to ¥2,450.098 million. The covenants concerning net asset maintenance and earnings maintenance remain in place after the refinancing. - FY2024-Q2MitigatedAnnual report
「Of the long-term borrowings at the end of the previous consolidated fiscal year (including long-term borrowings due for repayment within 1 year), ¥3,242.189 million, and of the long-term borrowings at the end of the second quarter of the current consolidated fiscal year (including long-term borrowings due for repayment within 1 year), ¥2,996.343 million, are subject to the financial covenants described below.」
The financial covenants concerning earnings maintenance and net asset maintenance remain in place, but the long-term borrowings subject to them decreased by ¥245.846 million from the end of the previous fiscal year. - FY2023MitigatedAnnual report
「The Group's long-term borrowings for the fiscal year are subject to the following financial covenants based on financial figures calculated under IFRS.」
The financial covenants remain in place, but the long-term borrowings subject to them decreased from ¥3,732 million in the previous fiscal year to ¥3,242 million. There have been no defaults. - FY2023-Q3MitigatedAnnual report
「Of the long-term borrowings, including long-term borrowings due for repayment within 1 year, ¥3,732.424 million at the end of the previous consolidated fiscal year and ¥3,489.900 million at the end of the third quarter of the current consolidated accounting period are subject to the following financial covenants.」
The financial covenants concerning earnings maintenance and net asset maintenance remain in place, but the long-term borrowings subject to them decreased from ¥3,732.424 million to ¥3,489.900 million. - FY2023-Q2MitigatedAnnual report
「Of the long-term borrowings, including long-term borrowings due for repayment within 1 year, ¥3,732.424 million at the end of the previous consolidated fiscal year and ¥3,487.566 million at the end of the second quarter of the current consolidated accounting period are subject to the following financial covenants.」
The financial covenants concerning the avoidance of operating losses for 2 consecutive periods and the maintenance of net assets remain in place, but the long-term borrowings subject to them decreased from ¥3,732.424 million to ¥3,487.566 million. - FY2022RestatedAnnual report
「The Group monitors its position to maintain the levels required under the covenants.」
The Group continues to maintain financial covenants concerning capital maintenance and the avoidance of operating losses for 2 consecutive periods, and continues to monitor the relevant levels. - FY2022-Q3MitigatedAnnual report
「Of the borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year), ¥5,213.939 million, and borrowings at the end of the third quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year), ¥3,979.651 million, are subject to the financial covenants described below.」
The financial covenants concerning operating losses and net asset maintenance remain in place, but the borrowings subject to them decreased from the end of the previous fiscal year. - FY2022-Q1RestatedAnnual report
「At the end of each fiscal year and at the end of the second quarter, operating income or loss presented in the consolidated statement of income must not be a loss for 2 consecutive periods.」
The disclosure continues to state that the borrowings are subject to financial covenants concerning the avoidance of operating losses for 2 consecutive periods and the maintenance of net assets. - FY2021-Q2RestatedAnnual report
「At the end of each fiscal year and at the end of the second quarter, operating income or loss presented in the consolidated statement of income must not be a loss for 2 consecutive periods.」
The disclosure continues to state that the borrowings are subject to financial covenants concerning the avoidance of operating losses for 2 consecutive periods and the maintenance of net assets. - FY2021-Q1RestatedAnnual report
「At the end of each fiscal year and at the end of the second quarter, operating income or loss presented in the consolidated statement of income must not be a loss for 2 consecutive periods.」
The disclosure continues to state that the borrowings are subject to financial covenants concerning the avoidance of operating losses for 2 consecutive periods and the maintenance of net assets. - FY2020-Q3RestatedAnnual report
「Borrowings of ¥6,180.249 million, including borrowings due for repayment within 1 year, at the end of the previous consolidated fiscal year, and borrowings of ¥5,943.751 million, including borrowings due for repayment within 1 year, at the end of the third quarter of the current consolidated accounting period, are subject to the following financial covenants.」
The disclosure continues to state that the borrowings are subject to financial covenants concerning operating losses and net asset maintenance. - FY2020-Q2RestatedAnnual report
「At the end of each fiscal year and at the end of the second quarter, operating income or loss presented in the consolidated statement of income must not be a loss for 2 consecutive periods.」
The disclosure continues to state that the borrowings are subject to financial covenants concerning operating losses and net asset maintenance. - FY2020-Q1RestatedAnnual report
「Borrowings of ¥6,180.249 million, including borrowings due for repayment within 1 year, at the end of the previous consolidated fiscal year, and borrowings of ¥6,184.792 million, including borrowings due for repayment within 1 year, at the end of the first quarter of the current consolidated accounting period, are subject to the following financial covenants.」
The disclosure continues to state that the borrowings are subject to financial covenants concerning earnings maintenance and net asset maintenance. - FY2019ReframedAnnual report
「The Group refinanced its borrowings during the fiscal year. The Group's borrowings for the fiscal year are subject to the following financial covenants based on financial figures calculated under IFRS.」
After the refinancing of the borrowings, the covenant framework changed from one centered on the net leverage ratio to one centered on maintaining total equity at 75% or more or 65% or more and prohibiting operating losses for 2 consecutive periods. - FY2019-Q3RestatedAnnual report
「Borrowings of ¥6,586.804 million, including borrowings due for repayment within 1 year, at the end of the previous consolidated fiscal year, and borrowings of ¥6,356.140 million, including borrowings due for repayment within 1 year, at the end of the third quarter of the current consolidated accounting period, are subject to the following financial covenants based on financial figures calculated under Japanese GAAP.」
The disclosure continues to state that the borrowings are subject to financial covenants concerning net leverage, earnings maintenance and net asset maintenance. - FY2018First statedAnnual report
「Fiscal year ending March 2018: α≦4.25; fiscal year ending September 2018: α≦4.00; fiscal year ending March 2019: α≦3.75; fiscal year ending September 2019: α≦3.50; fiscal year ending March 2020: α≦3.25」
The disclosure describes the possibility of accelerated repayment if covenants such as the net leverage ratio, the prohibition on operating losses for 2 consecutive periods, and the maintenance of net assets at 75% or more are breached.