Daito Trust Ties ¥105bn in New Loans to a Net-Asset Floor and a No-Loss Covenant
Daito Trust Construction will borrow ¥105bn across three loan agreements with Sumitomo Mitsui Banking Corporation, Mizuho Bank and Mitsubishi UFJ Bank that require the homebuilder to keep net assets above half of last fiscal year's level and, on two of the loans, keep ordinary income out of the red.