Synlait has reached an agreement with its bank lenders to implement amendments and waivers to its banking facilities.
The agreement, which was previously requested by Synlait, includes waivers for the company's leverage ratios and interest coverage ratio for July 31 2024, as well as a deferral of the maturity/limit step-downs for June and July 2024.
However, the approval is subject to the addition of a covenant requiring Synlait to achieve a minimum adjusted EBITDA of $45 million for the 2024 financial year.
