Refinancing Existing Borrowings Through a Syndicated Loan and Financial Covenants
First written in FY2017-Q3. 3 of 17 entries say "Restated". Latest entry: FY2021.
1 other company's latest entry also says "Achieved".
- FY2021AchievedAnnual report
「All borrowings under this agreement were repaid early as of 31 May 2021, and the agreement was terminated. Accordingly, the related financial covenants also ceased to apply.」
All borrowings under the term loan and commitment line were repaid early, terminating the agreements and the related financial covenants. - FY2021-Q3Commitment line fully drawnAnnual report
「Total commitment line ¥700 million ¥700 million Outstanding borrowings ¥399.7 million ¥700 million Undrawn amount ¥300.3 million —」
The ¥700 million commitment line was fully drawn, leaving no undrawn amount. Outstanding term loan borrowings decreased from ¥676.3 million at the end of the previous fiscal year to ¥601.6 million. - FY2021-Q2Overdraft agreement addedAnnual report
「Total overdraft limit — ¥200 million Outstanding borrowings — — Undrawn amount — ¥200 million」
A new overdraft agreement with a borrowing limit of ¥200 million has been disclosed to facilitate efficient funding of working capital. There were no outstanding borrowings at the end of the second quarter. - FY2021-Q1WorsenedAnnual report
「The Company is in breach of the financial covenants under the loan agreement because total net assets at the end of the previous fiscal year and the current quarter were below 75% of the base-year amount, and cash and deposits shown on the balance sheet at the end of the current quarter were below ¥700 million. However, after discussions with the lending financial institution regarding its financial position and funding plans, the Company obtained consent that the institution would not exercise its right to declare the benefit of time forfeited in these circumstances.」
In addition to the net asset covenant, the Company continues to be in breach of the financial covenants because cash and deposits at the end of the current quarter fell below ¥700 million. Although the financial institution agreed not to exercise its right to declare the benefit of time forfeited, the entire ¥700 million commitment line has been drawn. - FY2020Breach of financial covenantsAnnual report
「During the fiscal year, the Company breached the financial covenants under its loan agreement because total net assets at the end of the fiscal year fell below 75% of the base-year amount. However, after discussions with the lending financial institution regarding its financial position and funding plans, the Company obtained consent that the institution would not exercise its right to declare the benefit of time forfeited in these circumstances.」
Net assets fell below 75% of the base-year amount, resulting in a breach of the financial covenants, but the financial institution agreed not to exercise its right to declare the benefit of time forfeited. - FY2020-Q3Commitment line agreement renewedAnnual report
「As the ¥700 million commitment line agreement with Sumitomo Mitsui Banking Corporation reached its maturity, the Company entered into a new ¥700 million commitment line agreement dated 24 December 2019 with that bank and one other bank, for a one-year term with an extension clause allowing up to 2 extensions.」
Following the expiration of the ¥700 million commitment line, the Company renewed the agreement with Sumitomo Mitsui Banking Corporation and one other bank. Outstanding term loan borrowings decreased from ¥775.9 million to ¥701.2 million. - FY2020-Q2Drawn borrowing balance decreased furtherAnnual report
「The outstanding borrowings at the end of the second quarter under the above agreements and the undrawn amount under the commitment line were as follows. Term loan agreement Previous fiscal year (31 March 2019) Second quarter of the current fiscal year (30 September 2019) Outstanding borrowings ¥775.9 million ¥726.1 million」
The financial covenants and contractual terms remain in place. At the end of the second quarter, outstanding term loan borrowings were ¥726.1 million, down from ¥775.9 million at the end of the previous fiscal year. Outstanding borrowings under the commitment line were ¥300.3 million and the undrawn amount was ¥399.7 million. - FY2020-Q1Drawn borrowing balance decreased furtherAnnual report
「The outstanding borrowings at the end of the first quarter under the above agreements and the undrawn amount under the commitment line were as follows: Term loan agreement: previous fiscal year, ¥775.9 million; first quarter of the current fiscal year, ¥751 million.」
The financial covenants and contractual terms remain in place. At the end of the first quarter, outstanding term loan borrowings were ¥751 million, down from ¥775.9 million at the end of the previous fiscal year. Outstanding borrowings under the commitment line were ¥300.3 million and the undrawn amount was ¥399.7 million. - FY2019Drawn borrowing balance decreased furtherAnnual report
「The outstanding borrowings at the end of the fiscal year under the above agreements and the undrawn amount under the commitment line were as follows. Term loan agreement Outstanding borrowings ¥775.9 million」
The financial covenants and contractual terms remain in place. At the end of the fiscal year, outstanding term loan borrowings were ¥775.9 million, outstanding borrowings under the commitment line were ¥300.3 million, and the undrawn amount was ¥399.7 million. Term loan borrowings decreased from the end of the previous quarter. - FY2019-Q3Drawn borrowing balance decreased furtherAnnual report
「The outstanding borrowings at the end of the third quarter under the above agreements and the undrawn amount under the commitment line were as follows: Term loan agreement: outstanding borrowings, ¥800.8 million.」
The financial covenants and contractual terms remain in place. At the end of the third quarter, outstanding term loan borrowings were ¥800.8 million, down further from ¥825.7 million at the end of the second quarter. Outstanding borrowings under the commitment line were ¥300.3 million and the undrawn amount was ¥399.7 million. - FY2019-Q2Drawn borrowing balance decreased furtherAnnual report
「Cash and deposits shown on the balance sheet at each quarterly accounting period-end from the fiscal year ended March 2017 onward must be at least ¥700 million. The outstanding borrowings at the end of the second quarter under the above agreements and the undrawn amount under the commitment line were as follows. Term loan agreement Outstanding borrowings ¥825.7 million」
The financial covenants remain in place. At the end of the second quarter, outstanding term loan borrowings were ¥825.7 million, outstanding borrowings under the commitment line were ¥300.3 million, and the undrawn amount was ¥399.7 million. Outstanding borrowings decreased from the end of the previous fiscal year. - FY2019-Q1Outstanding borrowings decreasedAnnual report
「The outstanding borrowings at the end of the first quarter under the above agreements and the undrawn amount under the commitment line were as follows.」
The financial covenants and contractual terms remain in place. At the end of the first quarter, outstanding term loan borrowings were ¥850.6 million, outstanding borrowings under the commitment line were ¥300.3 million, and the undrawn amount was ¥399.7 million. - FY2018-Q3RestatedAnnual report
「The term loan agreement entered into with 3 relationship banks on a syndicated basis and the commitment line agreement with Sumitomo Mitsui Banking Corporation are subject to the following financial covenants.」
The syndicated term loan and commitment line agreements, together with financial covenants relating to net assets, operating income or loss, and cash and deposits, continue to be disclosed. At the end of the third quarter, outstanding term loan borrowings were ¥900.4 million and outstanding borrowings under the commitment line were ¥347.9 million. - FY2018-Q2RestatedAnnual report
「The term loan agreement entered into with 3 relationship banks on a syndicated basis and the commitment line agreement with Sumitomo Mitsui Banking Corporation are subject to the following financial covenants.」
The syndicated term loan and commitment line agreements, together with financial covenants relating to net assets, operating income or loss, and cash and deposits, continue to be disclosed. At the end of the second quarter, outstanding term loan borrowings were ¥925.3 million and outstanding borrowings under the commitment line were ¥300.3 million. - FY2018-Q1RestatedAnnual report
「The term loan agreement entered into with 3 relationship banks on a syndicated basis and the commitment line agreement with Sumitomo Mitsui Banking Corporation are subject to the following financial covenants. Term loan agreement: outstanding borrowings, ¥950.2 million.」
The syndicated term loan, commitment line and financial covenants continue to be disclosed. Outstanding term loan borrowings were ¥950.2 million, with no new changes to the contractual terms themselves. - FY2017AdvancedAnnual report
「The outstanding borrowings under the above agreements and the undrawn amount under the commitment line at the end of the fiscal year were as follows: Term loan agreement: outstanding borrowings, ¥975.1 million. Commitment line agreement: total commitment, ¥700 million; outstanding borrowings, ¥300.3 million; undrawn amount, ¥399.7 million.」
The syndicated loan agreement progressed to the drawdown stage, with outstanding term loan borrowings of ¥975.1 million and outstanding borrowings of ¥300.3 million under the ¥700 million commitment line disclosed. - FY2017-Q3First statedAnnual report
「On 22 December 2016, to strengthen its financial position and raise funds to refinance existing borrowings, the Company entered into the following term loan agreement and commitment line agreement, with Sumitomo Mitsui Banking Corporation acting as lead arranger. The borrowing amount was ¥1 billion, with a term from 28 December 2016 to 28 December 2026. The commitment line had a total amount of ¥700 million, with a term from 28 December 2016 to 27 December 2019. The Company was required to maintain total net assets shown on the balance sheet at each fiscal year-end from the fiscal year ended March 2017 onward at or above the higher of 75% of total net assets at the end of the fiscal year ended March 2016 and 75% of total net assets at the end of the most recent fiscal year. The Company was also required not to report operating losses for two consecutive fiscal years from the fiscal year ended March 2017 onward, and to maintain cash and deposits of at least ¥700 million at each quarterly accounting period-end from the fiscal year ended March 2017 onward.」
The Company entered into a ¥1 billion term loan and a ¥700 million commitment line to strengthen its financial position and refinance existing borrowings. The financial covenants require net assets to be maintained at 75% or more, operating losses to be avoided for two consecutive fiscal years, and cash and deposits to be maintained at ¥700 million or more at each quarter-end.