Tenneco Automotive is required to meet three financial ratios under its senior credit agreement: a maximum leverage ratio (total debt/EBITDA), a minimum interest coverage ratio
(EBITDA/cash interest payments), and a minimum fixed charge coverage ratio
(EBITDA - capital expenditures/cash interest payments).
The cash interest coverage ratio
should complement the traditional interest coverage ratio
Under the Investment Company Act of 1940 (the 1940 Act), the company may not pay distributions to its common stockholders if it does not meet a 300 percent asset coverage ratio
for notes and 200 percent asset coverage ratio
for preferred shares after payment of the distribution, and it may not pay distributions on its preferred shares if the company fails to meet the 200 percent asset coverage ratio
on its senior notes and preferred.
Notwithstanding the foregoing, the issuer may issue up to $50,000,000 of additional notes without further rating confirmation or approval, provided that the issuer can satisfy certain requirements including satisfaction of a debt service coverage ratio
TYG's asset coverage ratio
under the 1940 Act with respect to senior securities representing indebtedness was 319 percent, and its coverage ratio
for preferred shares was 251 percent.
TYN's asset coverage ratio
under the 1940 Act with respect to senior securities representing indebtedness was 309 percent, and its coverage ratio
for preferred shares was 253 percent.
Without a surcharge, the utility's debt coverage ratio
is projected at 1.
9%) in the pool, which had a third-quarter 2006 debt service coverage ratio
(DSCR) of 0.
Although PLD's all-in EBITDA fixed charge coverage ratio
(as defined below) was a solid 2.
Financial covenants in the $1 billion bank facility include a maximum leverage ratio of 3 times (x) and minimum interest coverage ratio
Offsetting factors include decline in market position and lowered interest coverage ratio
due to the declined earnings.
HCP's fixed charge coverage ratio
(earnings before interest, taxes depreciation and amortization less capital expenditures to interest expense plus capitalized interest expense plus preferred dividends) measured 2.