Time to off-load this Mermaid, page-22

DangI,

"some" is an understatement (imho)

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In response to the difficult trading conditions experienced during the past year, in February 2016 the Company agreed a number of amendments to the terms and financial covenants of its Syndicated Loan Facility with the members of the Syndicate. On 24 August 2016, the Company received approval of some further amendments to the terms and financial covenants of the Facility and committed to an increase in the annual principal repayments over the remaining term of the Facility to $75 million, payable in six month instalments of $37.5 million, with the first payment due on 31 December 2016. The principal repayments will be funded from the proceeds of the

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Company’s ongoing vessel sales programme, operating earnings and any additional funding options available to the Company.
The weighted average interest rate on the Syndicated Loan Facility at 30 June 2016 was 3.77%.



is cost of debt inc by 50bp
fin charges in FY16 = 15.9m

20m in forecast EBITDA .....

something will have to give (iho)
rgds
V_H