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Scisys Allays Banking Covenant Breach Fears After Lender Talks

Fri, 04th Sep 2015 06:45

LONDON (Alliance News) - Scisys PLC on Friday said there has been a "successful" outcome after talks with its lenders over fears that it would breach its banking covenants.

The IT services company shares were hit in early June when it originally warned investors of the potential breaches, news that was accompanied by a profit warning over the strength of sterling against the euro and troubles with a development project in Scisys's enterprise solutions and defence division.

The banking covenants tested in August were connected to a loan from its main UK bankers to part-fund the acquisition of Xibis Ltd in December 2014, Scisys said. The bank in question has now waived the June 30 breaches and agreed revised covenant thresholds for the second half of 2015 and 2016, according to Scisys, giving the group the breathing space it needs to "support trading in line with the board's current expectations".

Meanwhile, the other bank, which lent Scisys money to finance its acquisition of the freehold of its Chippenham headquarters in May 2011, has confirmed that it will issue a letter of waiver when its covenants are tested on the publication of the consolidated group audited accounts for 2015.

That waiver is conditional on the group's ability to record earnings before interest, tax, depreciation and amortisation of no less than GBP500,000 in 2015.

"The board remains comfortable with current market guidance for the year to 31 December 2015 and foresees no issue in meeting the minimum EBITDA threshold stipulated," Scisys said in a statement.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright 2015 Alliance News Limited. All Rights Reserved.

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