Sharechat Logo

SKC - EXTENSION OF DEBT COVENANT RELIEF

Tuesday 10th May 2022

Text too small?

SkyCity Entertainment Group Limited (SkyCity) advises that is has secured debt covenant waivers from its banking syndicate and US Private Placement holders for the 30 June 2022 testing period, and an amendment to the debt covenants for the 31 December 2022 testing period (to be based on 2x 1H23 EBITDA). SkyCity had previously agreed amended debt covenants for the 30 June 2022 testing period.

Despite recent improved performance, SkyCity has secured this further covenant relief as a matter of prudence to provide the Group with contingency in the event of a further material disruption of the near-term operating environment due to COVID-19. SkyCity is appreciative of the continued support from its financiers as it navigates the impacts of COVID-19 disruptions on the Group.

During the extended wavier/variation period, SkyCity is unable to make distributions to shareholders or secure new debt facilities. SkyCity remains committed to its dividend policy and to resuming distributions as soon as possible.

As flagged to the market in April 2022, despite recent trading performance improvement, SkyCity is not yet able to provide detailed earnings guidance for FY22. SkyCity remains positive on the medium-term outlook for the Group, including a return to FY19 earnings when fully operational and growing from there.

Ends



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Ryman Healthcare plans new village in Rolleston
My Food Bag releases FY22 Results
Oceania positioned for growth
Ryman Healthcare buys retirement village site in Melbourne
Dr David Kerr to retire from Ryman Healthcare Board
20th May 2022 Morning Report
First Cannasouth Medicines Successfully Assessed by Agency
GMT active year supports strong results
Infratil Considers Infrastructure Bond Offer
Heartland announces Deputy Group CEO and Bank CEO