Ryman debt covenants strike again
ANALYSIS: Two years on from its last capital raise, the retirement village operator is again raising $1b to repair its balance sheet, but this time there is a difference.
Ryman has no covenant waiver from its institutional lenders.
You can trace the date things went pear-shaped again for Ryman Healthcare to February 19, 2024.
That was when the retirement village operator issued a profit warning, saying sales of its units were tracking well below expectations.
Retirement village businesses are like that. With an ageing
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