March 28, 2018 / 8:07 PM / in a year

NZ's Fletcher wins waiver extensions for covenant breach, reaffirms 2018 outlook

March 29 (Reuters) - Fletcher Building, New Zealand’s largest construction company, said on Thursday it had obtained an extension to the waivers of the breach of financial covenants stemming from provisions made for expected losses from its building and interiors business.

The waivers, which were for Fletcher’s U.S. Private Placement and bank syndicate funding arrangements, were initially put in place earlier this month and have now been extended until May 31, the company said in a statement.

The company also reaffirmed its earnings guidance for fiscal 2018. (Reporting by Ambar Warrick in Bengaluru; Editing by Adrian Croft)

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