Publication
Blog post from the Pensions Regulator on refinancing in current financial climate
United Kingdom | Publication | August 2022
Sponsoring employers and trustees are expected to understand the implications of refinancing on the employer covenant and to mitigate any detriment as much as possible. The post outlines the key areas parties should consider in relation to restructuring proposals, and highlights that these areas are likely to be challenging in the current inflationary financial climate.
The Regulator reminds trustees to engage with management well ahead of any potential refinancing to ensure they have a strong understanding of the employer's current debt structure. They should also consider debt covenants and refinancing within their monitoring, information sharing and contingency planning frameworks. Employers are expected to provide trustees with "meaningful and timely information". This could include forecasts, scenario analysis and other information provided to the lender which trustees may find helpful as part of their analysis and monitoring.
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