Refinancing Presentation
EBITDA/Interest
Enhanced covenant flexibility
Amended financial covenants
•
Leverage covenant eliminated (Gross debt/
EBITDA)
Minimum interest cover (EBITDA / interest)
reduced from 3.00x to 1.55x
Provides adequate liquidity and no
leverage test under the revised
bank facility
New financial covenants
.
Minimum asset cover ratio of 1.25x
.
Minimum liquidity test² of US$30M
5.0x
4.1x
4.0x
3.0x
2.0x
1.0x
0.0x
1.55x
Estimated Pro Forma headroom analysis
(as of 30 June 2013)
AR + Inventory + Cash /
Total Outstanding
25.0x
22.2x
20.0x
15.0x
10.0x
5.0x
Minimum Liquidity
(Under Bank Facility)
$150
$137M
Cash
$100
$50
Bank
Facility
$30M²
Interest Cover
(LTM)
Covenant Requirements
1
1.25x.
0.0x
Asset Cover
(LTM)
$-
Liquidity
1 (Accounts receivable + inventory + unrestricted cash of obligor subsidiaries) / total outstanding loans and
letters of credit under the amended bank facility
2 Described as unrestricted cash of obligor subsidiaries plus availability under the amended bank facility
5
BOART LONGYEAR Refinancing Presentation - October 2013View entire presentation