Tokyo Century's ACG Unit Signs $1.48 Billion Term Loan with Financial Covenants
Tokyo Century (TYO:8439) has arranged a $1.48 billion term loan facility through its Irish SPC, ACG Aircraft Financing Ireland DAC, with DBS Bank leading a syndicate of 33 lenders. The five-year unsecured facility will fund general corporate purposes, including aircraft acquisitions and debt refinancing, according to a Tokyo bourse filing on Friday. The loan carries financial covenants applied to ACG's consolidated figures, requiring an interest coverage ratio above 1.50 times, net assets of at least $1.5 billion, and unencumbered assets at 125% or more of unsecured liabilities. The agreement was executed on July 2 and matures five years from that date.
Tokyo Century (TYO:8439) has arranged a $1.48 billion term loan facility through its Irish SPC, ACG Aircraft Financing Ireland DAC, with DBS Bank leading a syndicate of 33 lenders.
The five-year unsecured facility will fund general corporate purposes, including aircraft acquisitions and debt refinancing, according to a Tokyo bourse filing on Friday.
The loan carries financial covenants applied to ACG's consolidated figures, requiring an interest coverage ratio above 1.50 times, net assets of at least $1.5 billion, and unencumbered assets at 125% or more of unsecured liabilities.
The agreement was executed on July 2 and matures five years from that date.