Flora - comment
As anticipated, following the extension of the revolving credit facility in October last year to October 2030, the company has now moved to address the maturity profile of its senior secured bank debt. Last week, Flora issued €500m of privately placed senior secured notes at a 7.5% coupon, maturing in October 2030 and ranking pari passu with the existing bank facilities, with proceeds used to repay a portion of the bank debt.
Flora announced yesterday that it is seeking to extend the maturities of the remaining senior secured bank facilities. In order to remain compliant with the terms of the RCF, we would expect these maturities to be extended to October 2030.