Financial Covenants on Borrowings and Risk of Accelerated Repayment
First written in FY2016. 14 of 17 entries say "Mitigated", first in FY2017-Q2. Latest entry: FY2020.
- FY2020DroppedAnnual report
「Short-term borrowings 99 — Current portion of long-term borrowings 800 — Long-term borrowings, excluding the current portion — —」
The disclosures on the syndicated loan's financial covenants and provisions resulting in the loss of the benefit of time that had been included previously could not be confirmed in this filing, and both short-term and long-term borrowings had zero balances. - FY2020-Q3MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥800 million at the end of the previous fiscal year and ¥200 million at the end of Q3, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q3.」
The financial covenants remain in place, while the syndicated loan balance decreased from ¥800 million at the end of the previous fiscal year to ¥200 million, with no breach as of the end of Q3. - FY2020-Q2MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥800 million at the end of the previous fiscal year and ¥400 million at the end of Q2, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q2.」
The financial covenants remain in place, while the syndicated loan balance decreased from ¥800 million to ¥400 million, with no breach as of the end of Q2. - FY2020-Q1MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥800 million at the end of the previous fiscal year and ¥600 million at the end of Q1, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q1.」
The syndicated loan balance decreased from ¥800 million to ¥600 million, with no breach of the financial covenants. The ESOP trust agreement had also not been breached as of the end of the quarter. - FY2019MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥1,600 million at the end of the previous fiscal year and ¥800 million at the end of the fiscal year, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the fiscal year-end.」
The financial covenants remain in place, while the syndicated loan balance decreased from ¥1.6 billion to ¥800 million, with no breach as of the fiscal year-end. - FY2019-Q3MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥1,600 million at the end of the previous fiscal year and ¥1,000 million at the end of Q3, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q3.」
The syndicated loan balance decreased from ¥1.6 billion to ¥1.0 billion, and the filing states that there had been no breach of the financial covenants. The balance under the ESOP trust agreement also decreased from ¥249 million to ¥99 million. - FY2019-Q2MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥1,600 million at the end of the previous fiscal year and ¥1,200 million at the end of Q2, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q2.」
The syndicated loan balance decreased from ¥1.6 billion at the end of the previous fiscal year to ¥1.2 billion, and the filing states that there had been no breach of the financial covenants. - FY2019-Q1MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥1,600 million at the end of the previous fiscal year and ¥1,400 million at the end of Q1, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q1.」
The syndicated loan balance decreased from ¥1.6 billion to ¥1.4 billion, and the filing states that there had been no breach of the financial covenants. - FY2018MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥2,400 million at the end of the previous fiscal year and ¥1,600 million at the end of the fiscal year, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the fiscal year-end.」
The syndicated loan balance decreased from ¥2.4 billion to ¥1.6 billion, and the filing states that there had been no breach of the financial covenants. - FY2018-Q3MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥2,400 million at the end of the previous fiscal year and ¥1,800 million at the end of Q3, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q3.」
The syndicated loan balance decreased from ¥2.4 billion at the end of the previous fiscal year to ¥1.8 billion, and the filing states that there had been no breach of the financial covenants. The balance under the ESOP trust agreement also decreased from ¥398 million to ¥249 million. - FY2018-Q2MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥2,400 million at the end of the previous fiscal year and ¥2,000 million at the end of Q2, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q2.」
The syndicated loan balance decreased from ¥2.4 billion at the end of the previous fiscal year to ¥2.0 billion, and the filing states that there had been no breach of the financial covenants. - FY2018-Q1MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥2,400 million at the end of the previous fiscal year and ¥2,200 million at the end of Q1, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due. The financial covenants had not been breached as of the end of Q1.」
The financial covenants remain in place, while the syndicated loan balance decreased from ¥2.4 billion to ¥2.2 billion, with no breach as of the end of the quarter. - FY2017MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥3,200 million at the end of the previous fiscal year and ¥2,400 million at the end of the fiscal year, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due.」
The financial covenants remain in place, while the syndicated loan balance decreased from ¥3.2 billion at the end of the previous fiscal year to ¥2.4 billion, with no breach as of the fiscal year-end. - FY2017-Q3MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥3,200 million at the end of the previous fiscal year and ¥2,600 million at the end of Q3, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due.」
The syndicated loan balance decreased from ¥3,200 million at the end of the previous fiscal year to ¥2,600 million. The financial covenants remain in place, but had not been breached as of the end of Q3. - FY2017-Q2MitigatedAnnual report
「The syndicated loan agreement, with an outstanding balance of ¥3,200 million at the end of the previous fiscal year and ¥2,800 million at the end of Q2, contains the financial covenants set out below. If any covenant is breached, the company will, upon notification by the agent based on a demand from the majority of lenders, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due.」
The financial covenants remain in place, while the syndicated loan balance has decreased from ¥3,200 million to ¥2,800 million. No covenant had been breached as of the end of the quarter. - FY2017-Q1Expansion of the borrowings coveredAnnual report
「Under the company's employee shareholding association-linked ESOP trust agreement, which had a balance of ¥552 million at both the end of the previous fiscal year and the end of Q1, the company acts as guarantor for the trust's borrowings. The borrowing agreement contains the financial covenants set out below. If any covenant is breached, the company will, upon notification based on a lender's demand, lose the benefit of time and become obligated to immediately pay the borrowings, interest, liquidation amounts and other amounts due.」
In addition to the existing syndicated loan, the company disclosed that the ESOP trust borrowings also contain financial covenants and provisions resulting in the loss of the benefit of time. Neither had been breached as of the end of the quarter. - FY2016First statedAnnual report
「Certain long-term borrowings, with an outstanding balance of ¥3,200 million at the end of the fiscal year, are subject to financial covenants providing that failure to maintain a specified level of net assets and a specified level of ordinary income at the fiscal year-end constitutes an event resulting in the loss of the benefit of time.」
The covenants require the company to maintain net assets of at least ¥10 billion and avoid ordinary losses for 2 consecutive fiscal years, among other requirements.