Debt covenant is 2.6 less than the required 3.5
It's still having some room, but compared with TPM, it's in a higher debt position.
TPM, EBITDA: $820m-$830m, net debt $1.3b
VOC, EBITDA: $365m-$375m, net debt $1b - $1.1b
Ann: Revision of FY17 guidance, page-126
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