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GA Technologies Enters 4 Billion Yen Financial Agreement for Working Capital

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GA Technologies (TYO:3491) has entered into a nearly 4 billion yen overdraft agreement with Mizuho Bank to secure working capital.

The loan is set to be executed on Sept. 14 and mature on Oct.14, according to a Tokyo bourse filing on Wednesday.

The unsecured borrowing carries financial covenants requiring the company to maintain consolidated equity at no less than 75% of the October 2022 fiscal year-end level and to avoid negative operating profit for each fiscal year.

Additionally, the company must maintain an inventory turnover period of less than 1.5 months for each quarter.

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