Flora - comment

Flora has launched a process to reprice its $ Term Loan which currently pays S + 425bps.  As part of the transaction, Flora has released some preliminary numbers including LTM EBITDA of €861m as of Dec 24 (flat versus €857m on Sept 24). LTM sales are down 5.1%, which is in line with previous guidance.  

This is wholly a process to save some margin on the Term Loan, and we would not expect any extension to the current maturity of January 2028.  The Company must feel it can make savings, but it feels like penny-pinching for a Company with €3bn of sales.