LBO Borrowings, Rising Interest Rates and Financial Covenant Risk
First written in FY2024. 7 of 8 entries say "Mitigated", first in FY2025-H1. Latest entry: 2026-11-09.
The whole theme swung hardest in 2017: 8 of 62 companies on the "Worse" side.
52 other companies' latest entry also says "Mitigated".
- 2026-11-09MitigatedResults
「一方で、借入金は返済等により57億円減少しました。」
借入金残高の減少を中間期の財政状態として確認しており、借入金・金利上昇等のリスクへのエクスポージャー低減を示している。 - FY2026MitigatedAnnual report
「Borrowings decreased by ¥11.4 billion through repayments.」
Borrowings decreased from ¥58.2 billion at the end of the previous fiscal year to ¥46.8 billion, while the borrowing agreement with a 2030 repayment deadline remains in place. - FY2026-H1MitigatedAnnual report
「The main change was a ¥5.7 billion decrease in borrowings.」
Borrowings decreased by ¥5.7 billion, from ¥58.2 billion at the end of the previous fiscal year to ¥52.5 billion at the end of the interim period, and repayment of long-term borrowings is also progressing. - FY2025MitigatedAnnual report
「As the contractual maturity of the borrowings refinanced in the fiscal year ended March 2021 falls in the fiscal year ending March 2026, the Group refinanced ¥60.0 billion in the fiscal year ended March 2025, one year ahead of schedule, taking into account the outlook for higher interest rates.」
The filing states that borrowings decreased from ¥91.5 billion at the end of the previous fiscal year to ¥58.2 billion, that ¥60.0 billion was refinanced, that the repayment deadline is 2030, and that financial covenants are being complied with. - FY2025-H1MitigatedAnnual report
「Borrowings decreased by ¥3.8 billion through repayments.」
The filing states that borrowings decreased by ¥3.8 billion from the end of the previous fiscal year, and that the outstanding balance of LBO borrowings declined through repayments. It does not state that the risks associated with higher interest rates or financial covenants have been eliminated. - FY2024First statedAnnual report
「When acquiring shares through an LBO scheme, the Group incurred substantial borrowings from financial institutions and other lenders.」
The filing discloses borrowings of ¥91.5 billion at the end of the fiscal year ended March 2024, a maturity in 2026, and financial covenants, and describes the risk of losing the benefit of time for repayment due to higher interest rates or deteriorating performance.