TSL Education tightens covenants before closing book

Books on table
By Olivier Holmey
30 Jul 2013

UK educational publisher TSL Education has tightened the restrictions attached to its new £250m debt package, most notably by adding a second financial covenant.

The new covenant fixes the interest coverage ratio at 1.5 times, followed by 1.75 times and two times at 18 month intervals thereafter.

The leverage covenant, meanwhile, has been tightened to 6.5 times for the first 18 months. It will then fall to 6.0 times, followed by 5.5 times ...

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