Financing Update

RNS Number : 7247O

Senior PLC

02 June 2020

 

2 June 2020

Senior plc - Financing Update

Senior plc ("Senior" or the "Group"), an international manufacturer of high technology components and systems, principally for the worldwide aerospace, defence, land vehicle and power & energy markets, today issues this financing update.

Further to our Market Update on 24 April 2020, we confirm we have concluded our covenant discussions with our US private placement investors.  Senior has therefore agreed covenant relaxations with all of its lenders in relation to the June and December 2020 testing periods.

As we said in that previous update, we have undertaken extensive scenario testing for 2020, based on a variety of end market assumptions, while taking account of appropriate cost reduction and cash preservation mitigating actions.  Against this set of assumptions, our assessment shows that the Group has sufficient liquidity under its existing committed facilities without utilising other funding sources that would be available to it.

In addition to the above, Senior has also been confirmed as an eligible issuer under the Bank of England's Covid Corporate Financing Facility.  This, combined with the covenant relaxations, provides financial flexibility should it be needed.

We will continue to update the market as appropriate.

Further information

Bindi Foyle	Group Finance Director, Senior plc	[phone]
Jennifer Ramsey	Director of Investor Relations, Senior plc	[phone]
Richard Webster-Smith	Finsbury	[phone]

About Senior

Senior is an international manufacturing group with operations in 13 countries.  It is listed on the main market of the London Stock Exchange (symbol SNR).  Senior designs, manufactures and markets high technology components and systems for the principal original equipment producers in the worldwide aerospace, defence, land vehicle and power & energy markets.  Further information on Senior plc may be found at: www.seniorplc.com

Cautionary Statement

This announcement contains certain forward-looking statements.  Such statements are made by the Directors in good faith, based on the information available to them at the time of the announcement, and they should be treated with caution due to the inherent uncertainties underlying any such forward-looking information.

 

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