Stagecoach Group PLC Covenant waivers (3527F)
November 16 2020 - 1:00AM
UK Regulatory
TIDMSGC
RNS Number : 3527F
Stagecoach Group PLC
16 November 2020
16 November 2020
Covenant waivers
Stagecoach Group plc is pleased to confirm that it has agreed an
extension to the period of time covered by waivers of bank
covenants.
In June 2020, we took the precautionary measure of agreeing
covenant waivers, in respect of the periods ending 31 October 2020
and 1 May 2021, with our group of lending banks for our facilities
expiring in March 2025. Further waivers have now been agreed with
the same group of lending banks in respect of the period to 30
October 2021 . As an alternative to the covenants, we have agreed
to a minimum liquidity threshold as at 30 October 2021.
Notwithstanding the waivers and based on our latest estimates,
we would have complied with the originally agreed bank covenants
for the period ended 31 October 2020.
As outlined in our most recent trading update on 9 October 2020,
the Stagecoach Group continues to have strong liquidity, with
available cash and undrawn, committed bank facilities of over
GBP800m.
For further information, please contact :
Investors and analysts
Ross Paterson, Finance Director 07714 667897
Bruce Dingwall, Group Financial Controller 07917 555293
Media
Steven Stewart, Director of Communications 07764 774680
John Kiely, Smithfield Consultants 07785 275665
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