Forward Air issued an update to first-quarter results, showing more breathing room to an upcoming debt covenant.
The company said “after performing a thorough assessment of all available addbacks permitted under the credit agreement,” its adjusted earnings before interest, taxes, depreciation and amortization increased from $300 million to $324 million for the 12-month period ended March 31. The new EBITDA number placed its net debt leverage ratio at 5.1 times versus the 5.5 times previously...
https://www.freightwaves.com/news/forward-airs-recalculated-q1-shows-improved-leverage-ratio