Light update on Lowell

All,

We have made some small updates to the Lowell model and to the recently uploaded 1-pager. Please find both here.
The update really only concerns: - the formal division of debt that in a wind-up will de-facto rank super senior- a top-up of the ABL line back to £255m by the end of this year- a correction of our previous assumption that the runway for Lowell might end in Q120. Due to the recently disclosed agreement on the top-up above, the RCF should be less drawn at that time than previously assumed.

All changes are reflected in the model, however there is no material impact at this time - except for some £65m of debt by year-end having moved from the super sr. RCF into the super sr. ABL. 

Wolfgang