yes the share price is largely irrelevant for a lender the key...

yes the share price is largely irrelevant for a lender the key is the cash flows and assets. Would only be relevant for capital raising purposes if that was needed (but there seems a margin of safety for lenders here so don’t see that) ICR is a measure of cash flows to debt (interest cost) and NTA reflects the assets (although the Bank will look at those assets held for their loan). The share price can move between exuberance and pessimism and it it is up to you to determine when that presents opportunities to buy or sell above or below the true intrinsic value