April 14 (Reuters) - Boral Ltd (BLD) :
- DEMAND IS SUBSTANTIALLY DECLINING DUE TO IMPACTS OF COVID-19
- BORAL NOW EXPECTS $330M OF CAPITAL EXPENDITURE IN FY2020
- IN NORTH AMERICA AND ASIA, STRINGENT MANDATES AND RESTRICTIONS HAVE RESULTED IN TEMPORARY CLOSURES OF SEVERAL OPERATIONS
- CO, KNAUF BELIEVE GETTING REGULATORY APPROVALS TO ALLOW DEAL TO BE IMPLEMENTED AS SIGNED IN AUGUST 2019 NOT ACHIEVABLE BY 30 JUNE
- IN MOST JURISDICTIONS, CO'S OPERATIONS CONSIDERED TO BE WITHIN CRITICAL INFRASTRUCTURE AND CONSTRUCTION SECTORS
- BORAL AND KNAUF TO CONSIDER RANGE OF POTENTIAL OPTIONS, WITH BORAL'S OBJECTIVE BEING TO TARGET A CASH NEUTRAL TRANSACTION
- PRE-EXISTING US$400M ACQUISITION BRIDGE FACILITY, FOR PURPOSE OF COMPLETING DEALWITH KNAUF, ALLOWED TO LAPSE
- DEMAND IS DECLINING IN MOST MARKETS AND IS EXPECTED TO CONTINUE TO DECLINE, PARTICULARLY IN RESIDENTIAL CONSTRUCTION MARKETS
- AS AT END OF MARCH 2020, CO HAS ABOUT A$890MLN OF AVAILABLE CASH AND UNDRAWN COMMITTED FUNDS
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