I am rich to night, ten times richer than ‘Duke, with all his lands, amid military lots, and funded debts
, and bonds, and mortgages
DH Corporation ("D+H" or the "Company"), a leading provider of technology solutions to domestic and global financial institutions, today announced that it has entered into amended agreements with its syndicate of lenders and private noteholders regarding the step down of its Total Net Funded Debt
to EBITDA ratio covenants.
To determine the maximum debt capacity of a company, issuers and investors will consider a ratio of total funded debt
to earnings before interest, taxes, depreciation and amortization (EBITDA) of 4.
The amendment reaffirmed Parallel's borrowing base of $230 million and changed the Funded Debt
Ratio the Company is required to maintain.
Total Funded Debt
is generally defined as aggregate debt obligations reflected in our balance sheet, less the hedge adjustments resulting from terminated and existing fair value interest rate derivatives or swaps, plus additional outstanding letters of credit not already reflected in debt.
In addition, while it is unclear what will be the result of the strategic review, any capital structure changes could result in a weaker credit profile for the company given the company's low level of funded debt
Including unsecured revolving bank debt, unsecured debt currently represents 34% of overall funded debt
The 'BBB' rating reflects the strength of the Foothill/Eastern Transportation Corridor Agency's (F/ETCA) service area, the attainment and maintenance of a relatively stable share of traffic by the Foothill/Eastern toll road, its economic ratemaking flexibility and solid liquidity position in the form of a cash funded debt
service reserve fund (DSRF) of $297, or 1.
Pascack maintains a fully funded debt
service reserve fund in the amount of approximately $8 million.
8 million general fund balance, as well as a fully funded debt
service reserve of $3.
This final piece of a three-year program of extending our debt maturity schedule now leaves the Company with no significant funded debt
maturities until 2013, allowing Pep Boys to focus its energies squarely on operating improvements.