Charles Taylor Group Plc V.MQL

Term Loan covenants

[filefish]

The term loan covenants were relaxed for Q1 and Q2 but are back in force at this time.
I wonder if Marquee is compliant. If not, I guess that would call for a press release, wouldnt it?

The Term Loan is subject to financial covenants that require Marquee maintain: • Adjusted working capital ratio of not less than 1:1; • Net Debt to Trailing Twelve Month EBITDA not to exceed 3:1; • Net Debt to Total Proved Develop Producing Reserves (discounted at 10%) Ratio not to exceed 1:1; • Net Debt to Total Proved Reserves (discounted at 10%) Ratio not to exceed 0.6:1; and • Alberta Energy Regulator Rating Liability Management Rating (LMR) of not less than 1.25:1. At March 31, 2018, the Company is not in compliance with the adjusted working capital ratio and the net debt to trailing EBITDA ratio. As such the Term Loan has been classified as a current liability as at March 31, 2018. The Term Loan lender has provided the Company with waivers on these two covenants for the quarters ending March 31, 2018 and June 30, 2018.