RE: Well positioned12 Jan 2021 10:52
https://www.investegate.co.uk/marston--39-s-issuer-plc--48vl-/rns/swap-novation-notice/202011301700289998G/
The point is this: if you look at the various notices on waivers and amendments, they are between the company and bondholders, and they relate to reporting covenants. This has been done twice, with pretty much 100% support from bondholders. That is probably not surprising, because a) as the company reported in its recent update, it has continued to service the debt, and b) there is precedence - M&B, Stonegate, Punch and Greene King will all have been reaching similar agreements. It is evident from reading the announcement that while there is a restriction on waivers which could adversely affect payments due to the swap counterparty, there is only a notification requirement on other waivers (i.e. which do not adversely affect repayment). As it is clear from previous announcements that waivers affect reporting covenants and not payment; that swap counterparties do not hold security over the assets (bondholders do); and that the company has indicated that it has liquidity to service the debt, it should be clear that this announcement does not affect their ability to agree similar waivers and amendments in future to the ones it has already agreed.
Bberman