Financial covenants on the syndicated loan
First written in FY2017-Q1. 2 of 4 entries say "Mitigated", first in FY2017-Q2. Latest entry: FY2017.
- FY2017MitigatedAnnual report
「The agreement was concluded with 4 lending banks, and the executed borrowing balances for the current consolidated fiscal year are as follows.」
Although the agreement with financial covenants remains disclosed, the executed borrowing balance for the current consolidated fiscal year is ¥0. - FY2017-Q3RestatedAnnual report
「As of 30 November 2016, the syndicated loan agreement of consolidated subsidiary ㈱丸久, with a total outstanding balance of ¥135 million, contains financial covenants.」
The syndicated loan with financial covenants remains outstanding at ¥135 million. - FY2017-Q2MitigatedAnnual report
「As of 31 August 2016, the syndicated loan agreements among the borrowings, with a total outstanding balance of ¥135 million, contain financial covenants.」
The financial covenants remain in place, while the syndicated loan balance has declined from ¥240 million at the end of the previous consolidated fiscal year to ¥135 million. - FY2017-Q1First statedAnnual report
「The syndicated loan agreements among the borrowings, with a total outstanding balance of ¥240 million, contain financial covenants. If any of the covenants below is breached, the borrower will, upon notice from the agent to the borrower at the request of a majority of the lenders, lose the benefit of time with respect to all contractual obligations and be required to pay the borrowed principal and interest. (1) Maintain consolidated and non-consolidated net assets at the end of each fiscal year and interim accounting period following the date of execution of the agreement at or above 75% of the corresponding amount in the previous year. (2) Do not record losses for 2 consecutive periods in either ordinary profit or loss or profit for the year after tax in the consolidated and non-consolidated income statements for each fiscal year following the date of execution of the agreement.」
The company describes financial covenants including an outstanding balance of ¥240 million, maintaining net assets at or above 75% of the prior-year level, and avoiding losses for 2 consecutive periods.