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iStar Financial Inc. Message Board

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  • tenzing_mark tenzing_mark Sep 26, 2008 2:55 PM Flag

    SFI DD

    The covenants that SFI is close to breaking make it so SFI cannot raise additional debt. The covenants do not allow for the bond debt to be called for payment.

    From the conference call last quarter:

    "The fixed charge coverage ratio in our bond covenant is an incurrence test, which means that if we were to breach the covenant in future quarters, we would not be able to incur additional debt. As we discussed earlier, based on our liquidity profile, we do not expect to raise additional debt or equity in 2008 or 2009."

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