FSL Trust

FSL Trust: To suspend distributions for 12 mths. Co secured a temporary relaxation of 2 loan covenants from its lenders for 12 mths. The 2 covenants that the lenders agreed to relax are the security value-to-loan ratio (reduced from 125% to 100%) and the debt service coverage ratio (from 1.1 to 1). It will not be allowed to pay distribution during this period and also incur an additional margin of 2% per annum on the shortfall amt.