ThyssenKrupp Gets Permission to Relax Terms on Loan Deals
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ThyssenKrupp AG got permission from lenders to waive a test on its 2.5 billion-euro ($3.4 billion) credit line as the German steelmaker’s proposed sale of its Steel Americas unit takes longer than it expected.
The waiver means the company is exempt from an end-September test of its debt to equity ratio, Nicola Roettger, a spokeswoman for the Essen, Germany-based company, said in an e-mailed statement. The terms of the loan limited ThyssenKrupp’s leverage ratio to 150 percent and lenders would have been able to cancel the facility if it failed the test, according to a company report last month.