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Msg  245666 of 251660  at  1/21/2020 9:29:29 AM  by

Brennus


 In response to msg 245640 by  W
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Re: BTE refinancing notes, extending maturities

"BTE will upsize the offering if rates are attractive."

I'm not sure they can because the fixxed charge covg ratio covenant gets in the way. Maybe because they redeemed the $150MM but doesn't the lid slide down so long as fixed charge covg ratio is in excess of 2.5x? Taken from BTE MD&A:

" The long-term notes contain a debt incurrence covenant that restricts the Company's ability to raise additional debt beyond the existing credit facilities and long-term notes unless the Company maintains a minimum fixed charge coverage ratio (computed as the ratio of Bank EBITDA(as defined in note 7) to financing and interest expenses on a trailing twelve month basis) of 2.50:1.00. At September 30, 2019, the fixed charge coverage ratio was 8.02:1.00."


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