Financial covenants under the syndicated loan
First written in FY2026. 1 of 2 entries say "Worsened", first in FY2027-H1. Latest entry: FY2027-H1.
Tsi Holdings moved to the "Worse" side of this theme in 2026, 3 years after the typical company in this theme (2023).
16 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「Commitment line facility amount ¥18,000 million Drawn balance ¥17,500 million Undrawn amount ¥500 million」
The drawn balance under the commitment line with financial covenants increased from ¥7,500 million to ¥17,500 million, reducing the undrawn amount to ¥500 million. Reliance on borrowings subject to financial covenants increased. - FY2026First statedAnnual report
「From the fiscal year ending February 2026 onward, the amount of net assets in the consolidated balance sheet at each fiscal year-end must be maintained at or above the higher of 75% of the amount of net assets in the consolidated balance sheet at the end of the fiscal year ended February 2025 and 75% of the amount of net assets in the consolidated balance sheet at the end of the immediately preceding fiscal year.」
The Company raised ¥36,000 million in term loans and other financing to fund the acquisitions of Daytona and other companies, subject to financial covenants requiring it to maintain net assets at 75% and avoid losses in ordinary profit for 2 consecutive fiscal years.