TREASURY / RISK
Covenant Compliance
MERIDIAN CORP · $540M TOTAL DEBT · Q4-2025
NET LEVERAGE
2.41x
limit 3.50x
INTEREST COVERAGE
5.82x
limit 4.00x
NEXT REPORTING
Apr 30, 2026
Annual financials
Facility A — $500M Revolving Credit Facility
RCFNational Commerce Bank (lead) · Matures Feb 2029 · Outstanding $180M
| COVENANT | FORMULA | LIMIT | CURRENT | HEADROOM | | STATUS |
|---|
| Net Leverage Ratio | Total Net Debt / EBITDA | Max 3.50x | 2.41x | 1.09x | | COMPLIANT |
| Interest Coverage Ratio | EBITDA / Net Interest | Min 4.00x | 5.82x | 1.82x | | COMPLIANT |
| Minimum Liquidity | Unrestricted cash + RCF availability | Min $75M | $167M | $92M | | COMPLIANT |
Facility B — $250M Term Loan B
TLBSterling Capital Markets · Matures Aug 2027 · Outstanding $210M
| COVENANT | FORMULA | LIMIT | CURRENT | HEADROOM | | STATUS |
|---|
| Net Leverage Ratio | Total Net Debt / EBITDA | Max 4.00x | 2.41x | 1.59x | | COMPLIANT |
| Total Debt / Total Capital | Total Debt / (Debt + Equity) | Max 55% | 48.2% | 6.8% | | COMPLIANT |
| Fixed Charge Coverage (FCCR) | (EBITDA − Capex) / Debt Service | Min 1.25x | 1.31x | 0.06x | | WARNING |
Facility C — $150M Senior Notes (4.875%)
Senior NotesPublicly traded · Matures Jun 2030 · Outstanding $150M
| COVENANT | FORMULA | LIMIT | CURRENT | HEADROOM | | STATUS |
|---|
| Indebtedness Incurrence Test | Total Debt / EBITDA < 3.5x | < 3.5x for add'l issuance | 2.41x | 1.09x | | COMPLIANT |
| Asset Sale Proceeds | >$25M sales: 75% reinvest/repay | No triggering events YTD | None YTD | N/A | | COMPLIANT |
| Change of Control | >50% ownership triggers 101% put | Not applicable | N/A | N/A | | COMPLIANT |
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