Lowell - RCF paid down

All, 

Please refer to our unchanged analysis here.

Lowell’s preliminary results this morning appear positive, but do not contain enough detail to allow any more robust conclusions.

The repayment of the RCF is however a positive sign. Many investors (And we) have been perplexed by the full drawing in the summer and concerns had arisen about there being another reason behind the decision - unrelated to Corona uncertainty.

The company writes that it continues to assess refinancing opportunities, including market based options.  

We continue to receive calls from investors In the SUNs (Outright long and basis) and both sides of CDS indicating their size and support under respective preferences for different types of events.

Wolfgang
_____________________

2 Stephen Street

London W1T 1AN
E: wfelix@sarria.co.uk
T: +44 203 744 7003

www.sarria.co.uk 

Wolfgang FelixLOWELL