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FRANKFURT, Sept 24 (Reuters) - ThyssenKrupp's creditor banks will not prematurely cancel their 2.5 billion euro revolving credit facility to ThyssenKrupp even though the company violated credit conditions.
"For all financial instruments subject to gearing covenants, ThyssenKrupp received a waiver from its banks as of September 30," ThyssenKrupp said in a statement on Tuesday.
The German steel maker breached the covenant of having a net debt to equity ratio of no more than 150 percent, posting a gearing of 185.7 percent as of June 30.
It had entered negotiations with banks thereafter as it saw a risk of staying above the 150 percent threshold in its fiscal fourth quarter ending September 30, ThyssenKrupp said.
Reuters reported on Monday that ThyssenKrupp had received a waiver from its banks. (Reporting by Arno Schuetze)