Covenant WaiverSource: RNS
18 June 2020
Stagecoach Group plc ("the Group") continues to take appropriate action to maximise financial flexibility as it negotiates the continuing challenges and uncertainty around COVID-19 and the UK's recovery. We have taken the precautionary measure of agreeing a covenant waiver for the periods ending 31 October 2020 and 1 May 2021 with our group of lending banks for our facilities expiring March 2025. As an alternative to the covenants, we have agreed minimum liquidity thresholds at 31 October 2020 and 1 May 2021.
Combined with the other actions outlined in our announcements on 23 March, 3 April and 28 May, the Group has strong liquidity, with available cash and undrawn, committed bank facilities of over £800m.
For further information, please contact:
Investors and analysts
Ross Paterson, Finance Director 07714 667897
Bruce Dingwall, Group Financial Controller 07917 555293
Steven Stewart, Director of Communications 07764 774680
John Kiely, Smithfield Consultants 07785 275665
The person responsible for arranging the release of this announcement on behalf of Stagecoach Group plc is Mike Vaux, Company Secretary.
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