Stonegate - comment

Papers are ablaze with derision that Stonegate have admitted their difficulty in refinancing their debt stack. All that happened yesterday is that the company had to list the refinancing risk in its annual report as the RCF and other financing arrangements need a solution this year. To be sure, management would have liked to avoid this embarrassment, but as we’ve outlined the refinancing is a little tight and the statement really contains no news, but to the sleepiest journals in the UK.