HAMILTON, BERMUDA -- (Marketwire) -- 03/27/09 -- TBS International Limited (NASDAQ: TBSI)
made today the following announcements:
Secures Covenant Waiver for Credit Facilities
The company announced that it has secured a waiver of certain covenants
with respect to its outstanding 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, as well as its loan agreements with AIG Commercial Equipment,
Commerzbank AG, Berenberg Bank and Credit Suisse (the "Financing
Facilities").
As a result of the current economic conditions and their impact on the
shipping industry, and specifically the market value of vessels, the
company initiated discussions with its lenders to obtain waivers to the
financial covenants. On March 27, 2009, the Financing Facilities were
modified to provide a waiver through December 31, 2009 of loan-to-value and
other financial covenants, provided that the company satisfies new
covenants, including minimum end of month cash balances of not less than
$40.0 million and a minimum ratio of earnings before interest, depreciation
and amortization to interest expense.
Date for Fourth Quarter and Full Year 2008 Earnings Results
In addition, TBS International announced that it will release its results
for the fourth quarter and full year ended December 31, 2008 after the
market closes in New York on Monday, March 30, 2009.
On Wednesday, April 1, 2009 at 10:00 a.m. ET, the company's management will
host a conference call to discuss the results.
Conference call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1-888-679-8035 (from the US) or 1-617-213-4848
(International Dial In). Participant Passcode: 20744194. Participants may
pre-register for the call at
https://www.theconferencingservice.com/prereg/key.process?key=PHJ3BGG6H.
Pre-registrants will be issued a PIN number to use when dialing into the
live call which will provide quick access to the conference by bypassing
the operator upon connection.
Replay:
A telephonic replay of the conference call will be available from 1:00 p.m.
ET on Wednesday, April 1, 2009 until Wednesday, April 8, 2009 by dialing
1-888-286-8010 (from the US) or
1-617-801-6888 (International Dial In). Access Code: 71192492.
