Reuters: Global Markets: Armtec says to comply with debt pact, shares rise

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Armtec says to comply with debt pact, shares rise Jun 14th 2012, 15:50 Thu Jun 14, 2012 11:50am EDT (Reuters) - Construction materials maker Armtec Infrastructure Inc (ARF.TO) said it is getting closer to a debt-to-core earnings ratio mandated by a debt covenant, sending its shares up as much as 18 percent. The Canadian company, which had net debt of about C$266.3 million at end March, estimates its senior debt-to-EBITDA ratio to be below 5.1 for the year ended May 31. The company expects to comply with the covenant by keeping debt at not more than five times its EBITDA by the end of June. DBRS cut its rating of Armtec's senior unsecured debt On May 15, saying the company will continue to face refinancing risks in the coming two years. Shares of the company were up 11 percent at C$1.66 on the Toronto Stock Exchange on Thursday. They rose to C$1.80 earlier in the day. Armtec also said it received C$50 million in revenue from new construction projects in the second quarter. In the first quarter the company had total revenue of C$83.1 million and engineered segment revenue was C$46.7 million.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions