Fletcher Building Limited (FRCEF) has released an update.
Fletcher Building Limited has proactively amended its banking agreements, enhancing the longevity of its debt facilities until as late as 2029 and securing more favorable covenant testing terms through the end of 2025. The company touts a strong liquidity position, with up to $0.9 billion expected by mid-2024, and the changes reflect lender confidence in Fletcher’s enduring strength amidst challenging market conditions. However, the company will forego dividends if it needs to rely on these amended covenant levels.
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