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Idex Energies seeks to ease leverage covenant for 5% bonds due 2020
New York, June 25 – Idex Energies announced it is asking holders of its €57 million of 5% bonds due Dec. 29, 2020 guaranteed by Idex SAS to relax the securities’ leverage covenant starting in October.
The company will hold a meeting at 4 a.m. ET on July 10 to approve the change.
Under the proposed amendment, the required gearing ratio will be less than 1.1 times beginning on Oct. 1, 2015 instead of less than 0.8 times.
Idex needs votes from holders of a majority of the notes and a quorum at the meeting for the changes to pass.
Idex is a provider of energy and environmental services based in Boulogne-Billancourt, France.
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