BRIEF-Sappi Says Bank Consortium To Suspend Covenant Measurement In Principle For 4-Qtrs From June 2020-March 2021

  • Reuters
  • Stock Market News
BRIEF-Sappi Says Bank Consortium To Suspend Covenant Measurement In Principle For 4-Qtrs From June 2020-March 2021
Credit: © Reuters.

March 30 (Reuters) - Sappi Ltd SAPJ.J :

* JSE: SAP - SAPPI UPDATE ON THE IMPACT OF COVID-19 AND DEBT COVENANT RELIEF

* SAPPI LTD - AS OF 30 MARCH 2020, ALL OUR PRODUCTION, WAREHOUSING AND DISTRIBUTION FACILITIES ARE FULLY OPERATIONAL

* SAPPI LTD - PANDEMIC HAS TO DATE NOT HAD A MATERIAL IMPACT ON PROFITABILITY

* SAPPI LTD - PANDEMIC HAS TO DATE NOT HAD A MATERIAL IMPACT ON PROFITABILITY

* SAPPI LTD - CONDINO MILL, LOCATED IN ITALY, WAS TEMPORARILY SHUT FOR WEEK ENDING 27 MARCH

* SAPPI - AS A RESULT OF GLOBAL COVID-19 CRISIS, EXPECTS LOWER DEMAND FOR SOME OF ITS PRODUCTS, PARTICULARLY DISSOLVING PULP AND GRAPHIC PAPER

* SAPPI LTD - SHUTDOWNS SPREAD ACROSS DIFFERENT COUNTRIES AND INDUSTRIES, SUPPLY OF KEY RAW MATERIALS MAY BECOME AFFECTED

* SAPPI LTD - EXPECTS LOWER DEMAND FOR SOME OF ITS PRODUCTS, PARTICULARLY DISSOLVING PULP AND GRAPHIC PAPER

* SAPPI LTD - WILL NOT BE ABLE TO PROVIDE PROFIT FORECASTS IN NEAR FUTURE

* SAPPI LTD - BEEN IN NEGOTIATIONS WITH CONSORTIUM OF BANKS THAT PROVIDE SAPPI'S EUROPEAN BANK FACILITIES THAT ARE SUBJECT TO FINANCIAL COVENANTS

* SAPPI LTD - CONSORTIUM HAS AGREED TO SUSPEND COVENANT MEASUREMENT IN PRINCIPLE FOR FOUR QUARTERS FROM JUNE 2020 TO MARCH 2021

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