Dart Group PLC Covid Corporate Financing Facility (9636M)
May 14 2020 - 9:40AM
UK Regulatory
TIDMDTG
RNS Number : 9636M
Dart Group PLC
14 May 2020
14 May 2020
Dart Group PLC (the "Group")
Covid Corporate Financing Facility
Dart Group PLC, the Leisure Travel and Distribution &
Logistics group, is delighted to announce that it has today been
confirmed as an eligible issuer for the Bank of England COVID
Corporate Financing Facility ("CCFF") and has put in place a
GBP300m commercial paper programme to facilitate issuance under it.
The CCFF will be used to provide standby liquidity, should that be
required, and is currently unutilised. The CCFF is designed to
support liquidity among larger businesses who are capable of
demonstrating that they make a material contribution to the UK
economy and are able to display sound financial health, equivalent
to an investment grade rating, prior to the economic shock caused
by the COVID-19 pandemic.
Philip Meeson, Executive Chairman, commented:
"The Group is grateful to both the Bank of England and HM
Treasury for the provision of the CCFF, and together with the fully
drawn Revolving Credit Facility of GBP100m, these two sources of
additional liquidity will provide the Group with headroom to deal
with the present disruption and associated working capital
requirements, ensuring we can continue to support our great
business through this challenging period.
Though still early, we continue to be encouraged by the volume
of our customer bookings for summer 2021 and their associated
pricing. Based on this limited visibility, we are confident that
once normality returns, our Customers will be determined to enjoy
the wonderful experience of a well-deserved Jet2 holiday and that
Jet2.com and Jet2holidays will continue to have a thriving future,
taking millions of UK holidaymakers annually, to the Mediterranean,
the Canary Islands and to European Leisure Cities."
For further information, please contact:
Dart Group plc Tel: 0113 239 7817
Philip Meeson, Executive Chairman
Gary Brown, Group Chief Financial
Officer
Cenkos Securities plc - Nominated Tel: 020 7397 8900
Adviser
Katy Birkin/Russell Cook
Canaccord Genuity - Joint Broker Tel: 020 7523 8000
Adam James
Arden Partners - Joint Broker Tel: 020 7614 5900
Paul Shackleton/Daniel Gee-Summons
Buchanan - Financial PR Tel: 020 7466 5000
Richard Oldworth
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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END
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