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Synlait, page-65

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minimoke

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02/04/24

14:38

Post #: 73149798
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Originally posted by tabsuper: ↑

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.

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The debt repayment is nothing new - been discussed many times over on the Synlait threads

A2M Price at posting: $6.11 Sentiment: Buy Disclosure: Held
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Synlait, page-65

BCI reaches close of funding facility for salt-first part of Mardie project

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

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Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

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Synlait, page-65

Top Stories

BCI reaches close of funding facility for salt-first part of Mardie project

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Buxton projects new graphite province discovery at WA Narryer play

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News