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TBS International Announces Amendments to its Credit Facilities

May 10 - TBS International has secured further amendments to its credit facilities with its syndicate of lenders led by Bank of America, its syndicate of lenders led by The Royal Bank of Scotland and its syndicate of lenders led by DVB Group Merchant Bank

The amendments modify the financial covenants and other terms of the Financing Facilities, including covenants related to TBS's collateral coverage, consolidated leverage ratio, consolidated fixed interest coverage ratio, consolidated fixed charge coverage ratio and minimum cash balance.

TBS currently expects to be in compliance with all financial covenants and other terms of the amended Financing Facilities through maturity. Accordingly, the long-term portion of the Company's outstanding debt at March 31, 2010 will be classified as long-term debt in its consolidated balance sheet, thus remediating the uncertainty regarding TBS's ability to fulfill its financial commitments as they become due, which uncertainty was the condition that raised substantial doubt about TBS's ability to continue as a going concern.

Additional details can be found in TBS's Form 8-K to be filed with the Securities and Exchange Commission.

In March, TBS International took delivery of second of a series of six TBS-designed "Roymar Class" 34,000 dwt multipurpose tweendecker vessels ordered for a purchase price of USD35.4 million per vessel. Dakota Princess was built by the China Communications Construction Company Ltd / Nantong Yahua Shipbuilding Group Co Ltd.

Of the remaining four vessels, TBS expects to take delivery of two vessels in 2010 and two in 2011.

Heavy Lift | News

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