NTAW Holdings (ASX:NTD) has entered into an amendment deed involving its finance facilities with the Commonwealth Bank of Australia, (ASX:CBA) according to a Thursday Australian bourse filing.
After re-negotiating the financial covenant thresholds, the bank has waived the company's non-compliance with previous financial covenants and has agreed on new covenant thresholds, the filing added.
The company's trade facility limit has been reduced to AU$85.4 million from AU$93 million with a further AU$12.4 million reduction by July 31, after the company's agreement to distribute Dunlop products was terminated, per the filing.
Company shares dropped 11% in recent Friday trade.
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