McBride PLC June 2022 - Bank Covenant Waiver (6006Q)
June 29 2022 - 1:00AM
UK Regulatory
TIDMMCB
RNS Number : 6006Q
McBride PLC
29 June 2022
29 June 2022
McBride plc
June 2022 - Bank Covenant Waiver
McBride plc (the "Group"), the leading European manufacturer and
supplier of private label and contract manufactured products for
the domestic household and professional cleaning and hygiene
markets, today provides the following update to the markets.
We are pleased to announce that our banking group has waived the
June 2022 covenant tests until 30 September 2022.
In reaching the agreement of the waiver, the Group has agreed to
maintain in effect the restrictions announced on 22 December 2021.
These are that the Group will continue to maintain liquidity (cash
plus facility headroom) of at least GBP40 million, and will not pay
dividends until the Group evidences compliance with its existing
covenants.
McBride had c.GBP75m of available liquidity as at 28 June
2022.
The Group continues to explore and assess all avenues to
maintain liquidity and create additional funding for the benefit of
all stakeholders.
We are fully appreciative of the ongoing support that the
banking group have and are continuing to give the Group through
this period of uncertainty caused by macroeconomic factors which
have resulted in rapid and unprecedented rises in input costs and
ongoing global supply chain challenges.
The Group continues to perform in line with market expectations
and will provide a fuller trading update after the close of its
current financial year ending 30 June 2022.
For further information, please
contact:
McBride plc
Chris Smith, Chief Executive
Officer 0161 203 7570
Mark Strickland, Chief Finance
Officer 0161 203 7570
FTI Consulting LLP 020 3727 1017
Ed Bridges, Nick Hasell
This announcement contains inside information. The person
responsible for making this announcement is Glenda MacGeekie,
Company Secretary.
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