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ANNOUNCES STRATEGIC REVIEW PROCESS AND CREDIT FACILITY UPDATE
29 Aug 16
Impact: Positive, especially in light of the 40% decline in Cathedral's share price over the prior five trading days. Cathedral has initiated a strategic review process to consider different avenues for creating shareholder value, which could include capital raising (debt or equity), the sale of the Company, divestitures, mergers or joint venture or partnership transactions. The Company does not intend to provide any updates on the strategic review process until there is a formal announcement.
2Q16 Results Involve Additional Covenant Amendments
11 Aug 16
Cathedral has received a fourth amendment from its lending syndicate that has instituted minimum EBITDAS covenants, replacing traditional credit ratios until 3Q17e. We believe there is a chance the Company does not meet these requirements. The Company’s lending syndicate has worked with Cathedral until this point in the downturn. Given our view of an activity recovery in 2017e, we expect an amenable solution will be reached. Cathedral reported 2Q16 EBITDAS of a loss of $2 mm, modestly below our loss of $1 mm.
2Q16 RESULTS INVOLVE ADDITIONAL COVENANT AMENDMENTS
10 Aug 16
Impact: Negative, as Cathedral's lending syndicate continues to reduce the Company's financial flexibility. Cathedral's lending syndicate intends to reduce the Company's facility from $35 mm to $30 mm by December 31, 2016 and to $25 mm by March 31, 2017. As a result, Cathedral intends to investigate alternative forms of financing and potential corporate partnerships and transactions to improve liquidity.
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