Financial covenants under a commitment line agreement
First written in FY2017-Q1. 9 of 17 entries say "Restated". Latest entry: FY2021.
- FY2021MitigatedAnnual report
「This agreement terminated on 31 March 2021 when refinancing was carried out individually with the majority of lenders in amounts equal to the scheduled repayment amounts.」
The disclosure states that the syndicated loan agreement entered into on 28 March 2018 with financial covenants terminated following refinancing dated 31 March 2021. - FY2021-Q3RestatedAnnual report
「The following financial covenants apply to a portion of the borrowings. If any of these financial covenants is breached, the borrower will lose the benefit of time with respect to its obligations at the request of the majority of lenders. On 28 February 2020, we entered into an agreement amending certain financial covenants.」
The financial covenants applicable to borrowings, the loss of the benefit of time upon a breach, and the partial amendment agreement dated 28 February 2020 continue to be disclosed. - FY2021-Q2RestatedAnnual report
「The following financial covenants apply to a portion of the borrowings. If any of these financial covenants is breached, the borrower will lose the benefit of time with respect to its obligations at the request of the majority of lenders. On 28 February 2020, we entered into an agreement amending certain financial covenants.」
The financial covenants and the possibility of losing the benefit of time upon a breach continue to be disclosed, together with the conditions under the amendment agreement dated 28 February 2020. - FY2021-Q1Changes to the financial covenantsAnnual report
「On 28 February 2020, we entered into an agreement amending certain financial covenants.」
An agreement amending certain financial covenants was entered into, and the disclosed conditions for fiscal years beginning with the fiscal year ending February 2021 are consolidated and unconsolidated net assets of at least 75% and no net loss. - FY2020-Q2RestatedAnnual report
「The following financial covenants apply to a portion of the borrowings. If any of these financial covenants is breached, the borrower will lose the benefit of time with respect to its obligations at the request of the majority of lenders.」
The financial covenants relating to the commitment line and syndicated loan, and the possibility of losing the benefit of time upon a breach, continue to be disclosed. - FY2020-Q1RestatedAnnual report
「The following financial covenants apply to a portion of the borrowings. If any of these financial covenants is breached, the borrower will lose the benefit of time with respect to its obligations at the request of the majority of lenders.」
The financial covenants applicable to borrowings and the possibility of losing the benefit of time upon a breach continue to be disclosed. - FY2019RestatedAnnual report
「The following financial covenants apply to a portion of the borrowings. If any of these financial covenants is breached, the borrower will lose the benefit of time with respect to its obligations at the request of the majority of lenders.」
The financial covenants and the possibility of losing the benefit of time upon a breach continue to be disclosed for the commitment line and syndicated loan. - FY2019-Q3RestatedAnnual report
「The following financial covenants apply to a portion of the borrowings. If any of these financial covenants is breached, the borrower will lose the benefit of time with respect to its obligations at the request of the majority of lenders.」
The financial covenants and the possibility of losing the benefit of time upon a breach continue to be disclosed for the commitment line and syndicated loan. - FY2019-Q2Greater detail on the financial covenantsAnnual report
「(2) Syndicated loan agreement entered into on 28 March 2018 (balance at the end of the second quarter of the current consolidated fiscal year: long-term borrowings ¥408,330 thousand; current portion of long-term borrowings ¥233,336 thousand) ① At the end of each fiscal year beginning with the fiscal year ending February 2018, the amount of net assets in the net assets section of the consolidated balance sheet must be at least 75% of the amount in that section at the end of the fiscal year ended February 2017. ② Net income shown on the consolidated income statement for each fiscal year beginning with the fiscal year ending February 2018 must not be a loss for 2 consecutive fiscal years. ③ At the end of each fiscal year beginning with the fiscal year ending February 2018, the amount of net assets in the net assets section of the unconsolidated balance sheet must be at least 75% of the amount in that section at the end of the fiscal year ended February 2017. ④ Net income shown on the unconsolidated income statement for each fiscal year beginning with the fiscal year ending February 2018 must not be a loss for 2 consecutive fiscal years.」
The disclosure specifies multiple financial covenants for the syndicated loan agreement, including consolidated and unconsolidated net assets of at least 75% and avoidance of net losses for 2 consecutive fiscal years. - FY2019-Q1Addition of financial covenants to the syndicated loanAnnual report
「(2) Syndicated loan agreement entered into on 28 March 2018 (balance at the end of the first quarter of the current consolidated fiscal year: long-term borrowings ¥466,664 thousand; current portion of long-term borrowings ¥233,336 thousand) ① At the end of each fiscal year beginning with the fiscal year ending February 2018, the amount of net assets in the net assets section of the consolidated balance sheet must be at least 75% of the amount in that section at the end of the fiscal year ended February 2017.」
In addition to the existing commitment line and other facilities, the disclosure specifies financial covenants, including consolidated net assets of at least 75%, for the syndicated loan agreement entered into on 28 March 2018. - FY2018RestatedAnnual report
「We have entered into commitment line agreements with 3 of our relationship banks to ensure flexibility and stability in meeting funding needs and to improve capital efficiency. These agreements include financial covenants relating to decreases in net assets and the recognition of ordinary losses. If these covenants are breached and the lenders demand repayment of the borrowings, this could affect the financial condition of our group.」
The financial covenants and the possibility that repayment of borrowings may be demanded upon a breach continue to be disclosed as risks. - FY2018-Q3RestatedAnnual report
「The agreements in (1) and (2) include the following financial covenants. If any of these financial covenants is breached, the borrower will lose the benefit of time with respect to its obligations at the request of the majority of lenders. For Tranche B, the principal amount of interim repayments may be 150% of the stipulated amount based on a decision by the majority of lenders.」
The financial and repayment conditions requiring net assets of at least 75%, avoidance of ordinary losses for 2 consecutive fiscal years, loss of the benefit of time upon a breach, and the possibility that the principal repayment amount may be 150% continue to be disclosed. - FY2018-Q2Disclosure of additional repayment conditionsAnnual report
「For Tranche B, the principal amount of interim repayments may be 150% of the stipulated amount based on a decision by the majority of lenders.」
In addition to the existing financial covenants and the loss of the benefit of time upon a breach, the disclosure states that the principal amount of interim repayments for Tranche B may be 150% of the stipulated amount. - FY2018-Q1Explicit disclosure of the consequences of a covenant breachAnnual report
「The agreements in (1) and (2) include the following financial covenants. If any of these financial covenants is breached, the borrower will lose the benefit of time with respect to its obligations.」
The existing covenants requiring net assets of at least 75% and avoidance of ordinary losses for 2 consecutive fiscal years continue to be disclosed, along with the consequence that a breach results in the loss of the benefit of time with respect to obligations. - FY2017-Q3RestatedAnnual report
「The agreements in (1) and (2) include the following financial covenants.・At the end of each fiscal year beginning with the fiscal year ending February 2018, the amount of net assets in the net assets section of the unconsolidated balance sheet must be at least 75% of the higher of the amount in that section at the end of the immediately preceding fiscal year and the amount at the end of the fiscal year ended February 2017.・Ordinary profit shown on the unconsolidated income statement for each fiscal year beginning with the fiscal year ending February 2018 must not be a loss for 2 consecutive fiscal years.」
The financial covenants requiring net assets of at least 75% and avoiding ordinary losses for 2 consecutive fiscal years continue to be disclosed. - FY2017-Q2Specification and quantification of the financial covenantsAnnual report
「At the end of each fiscal year beginning with the fiscal year ending February 2018, the amount of net assets in the net assets section of the unconsolidated balance sheet must be at least 75% of the higher of the amount in that section at the end of the immediately preceding fiscal year and the amount at the end of the fiscal year ended February 2017. Ordinary profit shown on the unconsolidated income statement for each fiscal year beginning with the fiscal year ending February 2018 must not be a loss for 2 consecutive fiscal years.」
Previously, the disclosure only stated that certain financial covenants existed, but the new agreement specifies the conditions of maintaining net assets at 75% or more and avoiding ordinary losses for 2 consecutive fiscal years. - FY2017-Q1First statedAnnual report
「The agreement includes certain financial covenants.」
The commitment line agreement's financial covenants are presented as a financial exposure.