Boparan secures stop-gap but real question marks starting to appear - 4Q21 Earnings Report

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Boparan secures stop-gap but real question marks starting to appear - 4Q21 Earnings Report

Emmet Mc Nally's avatar
  1. Emmet Mc Nally
7 min read

Boparan reported Q4 21 and FY21 results this morning and held an earnings call, by invite only, at 12:30 UKT. The company’s £475m 7.625% SSNs were up ~4.5 points at open on the back of confirmation that new funding had been secured in the shape of pari passu mirror bonds rather than priming debt, but have since shed a little over a point to settle at around 81-mid as of writing. This is still over 3 points better off than pre-earnings. The most noteworthy points from earnings are predictably negative, priming risk aside, with the company having to secure a maintenance covenant relaxation from RCF lenders, £85m of additional funding being added to the capital stack and a sensitivity analysis raising serious concern over the going-concern status of the business. 

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