Sounds to me like Service Point’s financial flexibility would have been jeopardized if Service Point’s lenders had not agreed to modify the financial covenants that were a part of its last-negotiated loan agreements.
Press Release from SPS ….
4th January 2012 – Service Point Solutions S.A. has obtained a waiver from the Banks forming part of the syndicated loan agreement of the group regarding certain financial covenants.
The waiver has been negotiated and agreed on a date prior to the end of the financial year 2011.
As a result of this agreement, the financial institutions have adjusted the covenants set out in the loan agreement for the 2011 closing figures.
The company therefore achieves operational and financial stability whilst new terms for its long- term syndicated loan facility are renegotiated with its lenders.
Service Point Solutions (www.servicepoint.net) provides an all-in-one managed solution for clients wishing to have their information processed, communicated or managed by a true service-focused partner. Our 2,140 professionals, based in nine countries (UK, US, Spain, Germany, Netherlands, Belgium, Norway, Hong Kong, France, Sweden and Russia) provide products and services across a network of 130 service points and 800 facilities management programs. SPS is headquartered in Spain and listed on the Madrid and Barcelona stock exchanges (ticker: SPS.MC).
For further information
Pablo Biosca / Miguel Ramos