2212 GMT - Viva Energy's debt burden is drawing scrutiny from investors, prompting Jefferies to assess whether it has a balance sheet problem. "While we believe it is over-geared, it's unlikely to run short of capital, given generous covenants, liquidity headroom and no imminent debt maturities," analyst Michael Simotas says. Viva Energy has A$900 million of undrawn debt and Jefferies estimates it will have some A$650 million of liquidity headroom when its debt peaks this year. The bank also highlights that Viva Energy doesn't need to refinance any debt until the end of 2026. "Covenants are very generous because they make no allowance for operating leases and leverage covenant ignores the US$1.2 billion Revolving Credit Facility," says Jefferies. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 10, 2025 18:13 ET (22:13 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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