Brief: Promisia Healthcare Announces Banking Covenant Update

Promisia Healthcare

16/11/2023 03:21

Nov 16 (Reuters) - Promisia Healthcare Ltd  PHL.NZ :
    * BANKING COVENANT UPDATE
    * IT HAS BREACHED ITS INTEREST COVER RATIO COVENANT WITH ITS
PRIMARY FINANCIER, BANK OF NEW ZEALAND
    * COVENANT RELATES TO REQUIREMENT FOR EBITDA / INTEREST
COVER TO
BE AT LEAST 1.8 TIMES INTEREST COST
    * HAVING CONSTRUCTIVE DISCUSSIONS WITH BANK OF NEW ZEALAND
REGARDING THIS BREACH
    * WILL SEEK AGREEMENT OF BANK OF NEW ZEALAND TO EITHER A
WAIVER OR
VARIATION OF COVENANT
    * REMAINS IN COMPLIANCE WITH ALL OTHER BANKING COVENANTS,
INCLUDING ITS LVR COVENANT
    * BREACH HAS OCCURRED DUE TO HIGHER INTEREST COSTS AND
INCREASED
EXPENSES OVER THE LAST QUARTER
    * EXPECTS TO CONCLUDE DISCUSSIONS BY END OF THIS CALENDAR
YEAR

Source text for Eikon:  ID: 
Further company coverage:  PHL.NZ 

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