News: UMG United Malt Group Updates On Banking Arrangements And Barley Crop

Sept 7 (Reuters) - United Malt Group Ltd (UMG) :

• UPDATE ON BANKING ARRANGEMENTS AND BARLEY CROP-UMG.AX
• AGREEMENT WITH BANKS TO AMEND NET DEBT/EBITDA RATIOS AT SEPTEMBER 2022 AND MARCH 2023 TO ACCOMMODATE EXPANDED FUNDING NEEDS
• GOT COVENANT AMENDMENTS IN RESPECT OF 30 SEPT 2022 AND 31 MARCH 2023 AND ADDITIONAL INVENTORY FUNDING CAPACITY WITH ITS BANKS
• EXPECTS POSITIVE BARLEY CROP OUTLOOK IN KEY REGIONS
• MAINTAINS CLEAR PATHWAY TO ITS TARGET NET DEBT/EBITDA RANGE OF 2.0 – 2.5 TIMES BY 30 SEPTEMBER 2023.
• HAS NO SIGNIFICANT NEAR-TERM REFINANCING REQUIREMENTS IN RELATION TO ITS LONG TERM DEBT FACILITIES WHICH MATURE IN NOV 2024
• SIGNIFICANT IMPROVEMENT EXPECTED IN VOLUME AND QUALITY OF NORTH AMERICAN BARLEY CROP VERSUS LAST YEAR
• REMAIN CONFIDENT CO WILL NOT NEED TO RAISE ADDITIONAL CAPITAL