Chilean casino-owner Enjoy working to avoid breach of covenant
Should Enjoy not come back into line with its covenants within that time, the bondholders have the right to force accelerated payment of the us$ 228 million debt, the company said in a statement published on its website.
The covenants on the bonds obliged Enjoy to keep its level of net debt at less than five times its earnings before interest, tax, depreciation and amortization at the end of 2011. As of December 31 the ratio was at 5.66 times. Enjoy expects to meet its obligation in the time remaining, it said.
The company needs to reduce that ratio to four times the measure of earnings beginning 2013, according to the statement, which was published February 9.
The yield on Enjoy’s bonds due June 2015 fell four basis points, or 0.04 percentage point, to 8.65 percent as of 11:21 a.m. in Santiago, according to data from the Santiago stock exchange. The security last traded on Feb. 8.
Enjoy owns and runs seven casinos in Chile and operates one in Argentina.
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