Wakachiku Construction Secures 13 Billion Yen Loan for Working Capital

MT Newswires Live03-18 18:35

Wakachiku Construction (TYO:1888) secured a syndicated commitment line agreement totalling 13 billion yen with 10 financial institutions to support its working capital needs, according to a Tokyo bourse filing on Wednesday.

The new facility will be drawn down on March 24 to refinance 8.5 billion yen in existing debts, while the remaining 8 billion yen will be used as fresh loans, all of which must be repaid by March 31.

The agreement is unsecured but includes financial covenants requiring the company to maintain its non-consolidated net assets at or above 75% of a specified baseline and avoid recording ordinary losses for two consecutive fiscal years.

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