We have provided an update for Merredin Energy (Merredin) and reiterate our recommendation on its 2022 notes
Please see the full update on the FIIG website here available to wholesale clients only.
Some key points are:
- Merredin’s operational and financial performance in 1H18 is in line with the Research Team’s expectations, with EBITDA for FY18 on track against our forecasts
- Expected low point in debt service coverage in December 2018, as the delayed impact of the excess generation capacity experienced in the last two years
The Merredin AUD 7.50% November 2022 bond is available at a yield to worst of 6.60%pa. Read the Merredin Energy research compendium report*
*Please note this content requires a wholesale client login.