Synthomer - comment
The SSN price may be marked lower than the 64.5% from yesterday, but as the S&P rating is still B, forced selling should be limited. Lenders will want to extract a price for covenant relief. The FY results are expected to be released near the end of April.
Synthomer is seeking covenant relief through to the maturity of the RCF (July 27) and the UKEF Facilities (Oct 27). The RCF may be reduced from £300m as part of any package. An extension will not be feasible without a full refinance (including the SUNs). The SUN matures in May 2029, so any extension of the lending facilities would contain a springing maturity clause.