The SEC filings for Loral and G* related to the 500M$ financing for G*, Loral loan guarantee and warrants are on line at freeedgar. Considering the Irid lender issues, I was most interested in the fact that G* has also had to covenant certain revenue rates, although they don't kick in until 3/01 and seem to be pretty easy to meet (relative to our expectations) it's still something to bear in mind:
From the G* filing:
" The Borrower hereby agrees that so long as the Commitments
remain in effect, any Loan remains outstanding and unpaid or any other amount is
owing to any Lender or the Administrative Agent hereunder, the Borrower shall
not, nor shall it permit any Subsidiary to, directly or indirectly:
6.1 Financial Condition Covenants. (a) Revenues. Permit the
consolidated revenues of the Borrower and its Subsidiaries as
determined on a consolidated basis in accordance with GAAP, for the
period of four fiscal quarters ended on the dates set forth below to be
less than the amount set forth opposite such date:
<TABLE>
<CAPTION>
Date Revenue
---- -------
<S> <C>
March 31, 2001 $ 100,000,000
June 30, 2001 150,000,000
September 30, 2001 300,000,000
December 31, 2001 500,000,000
March 31, 2002 650,000,000
June 30, 2002 825,000,000
September 30, 2002 975,000,000
December 31, 2002 1,125,000,000
March 31, 2003 1,325,000,000
June 30, 2003 1,550,000,000
September 30, 2003 1,775,000,000
December 31, 2003 1,975,000,000"
There are also covenants on "consolidated net worth" and leverage in the loan agreements. |
