Risks Relating to Substantial Borrowings, Interest Rate Fluctuations and Financial Covenants
First written in FY2024. 5 of 7 entries say "Mitigated", first in FY2026-H1. Latest entry: FY2026.
The whole theme swung hardest in 2017: 8 of 54 companies on the "Worse" side.
52 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「As of the end of January 2026, the interest-bearing debt ratio ( (long-term borrowings, including amounts due for repayment within one year + lease liabilities) ÷ total equity) was 85.8%.」
The interest-bearing debt ratio fell from 94.4% previously to 85.8%. In addition, under the refinancing agreement dated 24 February 2026, the final repayment date was changed to 28 February 2031, and the borrowing limit was changed to ¥1,000 million. - FY2026-H1MitigatedAnnual report
「As of the end of July 2025, the interest-bearing debt ratio ( (long-term borrowings, including amounts due for repayment within one year + lease liabilities) ÷ total equity) was 94.4%. The Group has taken measures to mitigate the risk of rising interest rates, including reducing spreads through amendments to its loan agreements. However, a sudden and substantial change in interest rates could affect the Group's financial position and operating results.」
The interest-bearing debt ratio fell from 124.0% in the previous disclosure to 94.4%, and measures to reduce spreads through amendments to the loan agreements were also disclosed. However, the risks associated with interest-rate fluctuations and financial covenants remain. - FY2025-H1RestatedAnnual report
「To refinance existing borrowings, we entered into a loan agreement dated 26 July 2024 with MUFG Bank, Ltd. acting as agent.」
A refinancing agreement for existing borrowings was entered into, and the company disclosed a ¥2.375 billion Term Loan A, a ¥11.0 billion Term Loan B, a ¥500 million commitment line, a final repayment date of 30 September 2026, and financial covenants. Exposure to substantial borrowings, interest rates, and financial covenants remains. - FY2024First statedAnnual report
「The interest-bearing debt ratio as of the end of January 2024 (long-term borrowings, including amounts due for repayment within 1 year, plus lease liabilities, divided by total equity) was 124.0%.」
The interest-bearing debt ratio of 124.0%, the final repayment date under the borrowing agreement of 30 September 2026, and financial covenants including the senior net leverage ratio are disclosed.