Investor Presentaiton
Key Financing Terms in the Common Terms Agreement
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Typical WBS covenant package
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Conservative end of the peer group
Selected trigger events
Selected trigger event
consequences
Financial events of default
Liquidity
Additional financial
indebtedness
Hedging policy
Information covenants
Financial Ratio breach:
FFO ICR: 1.30x (min); 1.40x (avg)
Net Debt/ RCV: 70%
Loss of investment grade rating
No Restricted Payment may be made by any Obligor
Information provision and remedial plan
Consultation on communication with regulator
Failure to pay by an Obligor
Financial Ratio breaches the Default Ratio (subject to equity cure right)
FFO ICR: 1.10x
Net Debt/ RCV: 80%
Cash/liquidity facility covering minimum 18 months' interest
Subject to:
Compliance with hedging policy
No EOD
No Trigger Event caused by incremental debt
Maturity concentration limits
Interest rate: 70-105% limit on exposure to floating interest rates
Currency: 100% hedged (less a de minimis threshold)
Minimum counterparty rating at inception and on transfer only
Aggregate accretion of super senior inflation hedging does not exceed 6% of RCV
Compliance with further restrictions on hedging by government during construction
Website
Creditors' meeting once per year
Compliance Certificate
Investor Report
Tideway has a conservative financing platform with a comprehensive suite of creditor protections
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