Cambian Group, lenders agree to temporary financial covenant waiver

By Wendy Van Sickle

Columbus, Ohio, March 11 – Cambian Group plc’s lenders have agreed to a temporary waiver through April 26 of the financial covenants of the company’s bank facility, according to a Friday press release.

The company’s board anticipates that, in light of “the ongoing finalization of costs” and the completion of its audit for the financial year ended Dec. 31, results for the year will be slightly lower than previously expected, making it likely that Cambian will not be in compliance with the covenants for the period ending Dec. 31, according to the release.

Cambian and its lending banks have agreed to a temporary waiver to cover this possibility and to allow for continuing discussions aimed at amending the existing facility, including resetting covenant levels.

The company said it hopes to conclude these talks before April 26, the expected date of the preliminary announcement of its results for the financial year ended Dec. 31, and the waiver is set to expire on that date for that reason.

Cambian is a provider of behavioral health services based in London.

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