AUSTRALIAN COMPANY NEWS BITES
[Company Release] AGL Energy Limited (AGL) confirms the following Financial Ratios for the six month period ended 31 December 2012 (Testing Date). These ratios have been released in accordance with the terms of the AGL Energy Subordinated Notes prospectus.
A Mandatory Deferral Condition exists if the Interest Coverage Ratio is less than the Minimum Level (3.0 times) or the Leverage Ratio is above the Maximum Level (4.0 times) on the immediately preceding Testing Date. A Mandatory Deferral Condition continues until AGL's Interest Coverage Ratio is at or above the Minimum Level and its Leverage Ratio is below the Maximum Level for two consecutive Testing Dates.
As set out in the prospectus, the Leverage Ratio and Interest Coverage Ratio will be tested every six months to determine whether a Mandatory Deferral Condition exists.
As at 31 December 2012, no Mandatory Deferral Condition existed.
Terms defined in the AGL Energy Subordinated Notes Terms have the same meaning in this notice.
Interest Coverage Ratio
The Interest Coverage Ratio is calculated as Operating EBITDA for the relevant six month period divided by Relevant Net Interest Paid for the relevant six month period.
AGL's Statutory EBITDA contains items that do not portray the performance of the ongoing business. Operating EBITDA excludes the impact of these items to better illustrate the performance of AGL's business. Relevant Net Interest Paid is Net Interest Paid adjusted to reflect the extent to which AGL's debt is ascribed equity credit categorisation by the Rating Agency.
AGL Energy (AGK.ASX) MCap is $8.7 billion at the last price of $15.90. Debt to Equity of 0.6 [1.3].
Currency Conversion: Australian Dollar AUD1= US$1.0236 [or US$1=AUD0.98]; Against the US$ the AUD declined 41.83 basis points (or 0.4%) for the day; strengthened 0.1% for the week; declined 1.9% for the month; rose 3.6% in the past year. $1 = 100c.