Synlait, page-64

Given everyone cares so much on SML debts, I just found this on page 15 in the its investor report.
DEBT FACILITIES AND BANKING COVENANTS
Synlait’s banking syndicate remains supportive through what has been a challenging period of financial performance and divestment of assets, as reflected
in recent amendments to key financial covenants and extension of the prepayment of at least $130m from no later than 28 March 2024 to 15 July 2024.
Synlait has syndicated bank facilities with ANZ Bank, Bank of China, China
Construction Bank, HSBC and Rabobank. ANZ Bank are Syndicate Lead.
The syndicated banking facilities were amended on 28 March 2024 reflecting recent
underperformance of the business and delays in deleveraging. The amended facilities
reflect the syndicate’s ongoing support for Synlait.
The secured facilities are summarised as follows:
1. Working capital facility of $270m, maturing 1 October 2024, together with a $10m
on-demand bilateral facility. The facility is seasonal where the facility limit changes at
several times during the term of the facility.
2. Revolving credit facilities of $230m. These facilities also step down over time with
maturity dates between 31 July 2024 and 1 October 2025.
In addition, the Group is required to make a repayment of at least $130m by no later than
15 July 2024 (previously no later than 28 March 2024).
Synlait also has borrowings through retail bonds:
Synlait currently has $180m of five-year unsecured subordinated fixed rate bonds which
were listed on the NZX Debt Market in December 2019, and mature on 17 December 2024.
Synlait has key financial covenants in place with its banking syndicate.
Covenants for the facilities as recently amended are:
1. Total shareholder funds of no less than NZD $400m at all times (previously $600m).
2. Working capital ratio of no less than 1.5x at all times.
3. Interest coverage ratio of no less than 1.75x for the 31 July 2024 reporting date
(previously 2.25x), increasing to 3.0x for the 31 July 2025 reporting date.
4. Leverage ratio of no greater than 3.5x for the 31 July 2024 reporting date,
decreasing to no greater than 3.25x on and from the 31 July 2025 reporting date.
5. Senior leverage ratio of no greater than 2.25x for 31 July 2024.