{"id":3354,"date":"2023-05-02T16:33:55","date_gmt":"2023-05-02T14:33:55","guid":{"rendered":"https:\/\/www.cassavatechnologies.com\/?p=3354"},"modified":"2023-05-02T17:06:58","modified_gmt":"2023-05-02T15:06:58","slug":"covenant-extension-agreed-with-lending-partners","status":"publish","type":"post","link":"https:\/\/www.cassavatechnologies.com\/covenant-extension-agreed-with-lending-partners\/","title":{"rendered":"Covenant extension agreed with lending partners"},"content":{"rendered":"\n

Leading pan-African technology solutions group Liquid Intelligent Technologies, a business of Cassava Technologies, today announces the extension of Liquid\u2019s net debt:EBITDA covenant threshold in respect of its ZAR term loan and RCF.<\/p>\n\n\n\n

Earlier this year we engaged with our lending partners on a pre-emptive basis due to the prospect of further exchange rate volatility in certain markets. Following constructive discussions we are pleased to announce deferrals in the step down schedule for the net debt:EBITDA covenant threshold in respect of our ZAR term loan and RCF.<\/p>\n\n\n\n

As a result, the step down from 4.0x to 3.5x that was due to take place in May 2023 will now occur in February 2024 and a second step down from 3.5x to 3.0x that was due to take place in May 2024 will now occur in August 2024. All other terms remain unchanged.<\/p>\n\n\n\n

Notice of full year results<\/strong><\/p>\n\n\n\n

The Group intends to publish its full year results on Thursday 22 June 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Liquid Intelligent Technologies announces the extension of Liquid\u2019s net debt: EBITDA covenant threshold in respect of its ZAR term loan and RCF. Earlier this year we engaged with our lending partners on a pre-emptive basis due to the prospect of further exchange rate volatility in certain markets. Following constructive discussions … <\/i>Read More<\/span><\/a><\/p>\n","protected":false},"author":7,"featured_media":3356,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[85,84],"tags":[177,176,178],"class_list":["post-3354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investors-news","category-our-businesses","tag-liquids-net-debt","tag-loan","tag-rcf"],"yoast_head":"\nCovenant extension agreed with lending partners - Cassava Tech<\/title>\n<meta name=\"description\" content=\"Liquid Intelligent Technologies announces the extension of Liquid\u2019s net debt: EBITDA covenant threshold in respect of its ZAR term loan and RCF\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cassavatechnologies.com\/covenant-extension-agreed-with-lending-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Covenant extension agreed with lending partners - 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