- Release Date: 18/12/13 17:56
- Summary: GENERAL: SML: Amendment to bank covenant
- Price Sensitive: No
- Download Document 918B
SML 18/12/2013 15:56 GENERAL REL: 1556 HRS Synlait Milk Limited (NS) GENERAL: SML: Amendment to bank covenant Synlait Milk has agreed with its banking syndicate to temporarily move the Shareholders' Funds bank facility covenant onto a seasonal covenant structure effective from 31 December 2013. The covenant will move from the current 35% threshold to 30% for the period 31 December 2013 to 31 May 2014, before reverting back to 35% from 1 June 2014. The primary reason for moving to this seasonal covenant structure is to accommodate higher levels of working capital during the peak period of the season due to unexpectedly high international commodity prices this financial year. The amendment to implement the seasonal covenant structure is supported by the Company's banking syndicate and is likely to be implemented on a permanent basis. End CA:00245378 For:SML Type:GENERAL Time:2013-12-18 15:56:28
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