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Bank Covenants News

22 Dec 2009

Topaz Secures $42M SCB Financing

Topaz’s newly built 98.4-ft crew boat, Topaz Fujairah (Photo courtesy Topaz Energy and Marine)

Topaz Energy and Marine announced that it had raised $42m from Standard Chartered Bank, Dubai in support of its fleet expansion plans, taking its total financing raised in 2009 to $150m. Topaz has contracted over $150m in bank finance in 2009 and the lion’s share of the funds have been deployed to support its fleet expansion and modernization program. Although finance available for the shipping sector as a whole is scarce, the OSV space that Topaz occupies is a relative bright spot for banks.

07 Feb 2001

Cammell Laird $500M Contract In Jeopardy

Cammell Laird's $500 million contract with U.S. firm Luxus could fail unless loan guarantees are received from the British government by the end of February. "It's urgent. I'd like to think it (loan guarantee approval) was certainly this month," Juan Kelly said. Kelly said he had written to British Trade and Industry Secretary Stephen Byers to urge the speedy approval of loan guarantees for Luxus, which has ordered two luxury liners from Cammell Laird. Without the guarantees, Luxus, which is a start-up company, may not get bank loans to fund the orders, sources at Cammell Laird said recently. The guarantees could cover some 60 percent of the value of the contract.

17 Oct 2002

Northrop Grumman Reports Third Quarter 2002 Earnings

Northrop Grumman Corporation has reported net income from continuing operations of $141 million for the 2002 third quarter, or $1.17 per share, on 115.2 million average diluted shares outstanding, compared with adjusted net income from continuing operations of $140 million, or $1.56 per share, on 86.4 million average diluted shares in the year ago period. These results are adjusted to exclude amortization of goodwill in 2001 in accordance with SFAS No. 142 - Goodwill and Other Intangible Assets. On an economic earnings basis, Northrop Grumman's 2002 third quarter earnings from continuing operations increased to $154 million, or $1.28 per share, compared with $100 million, or $1.09 per share, for the comparable period in 2001.