Brief: United Malt Group Updates On Banking Arrangements And Barley Crop

United Malt

07/09/2022 02:33

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

Source text for Eikon:  ID:nASX3xbLQw 
Further company coverage:  UMG.AX 

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