Imperial Brands PLC New Revolving Credit Facility/Trading Update (1802I)

TIDMIMB

RNS Number : 1802I

Imperial Brands PLC

31 March 2020

IMPERIAL BRANDS PLC

31 March 2020

Imperial Brands Signs New EUR3.5billion Revolving Credit Facility

Imperial Brands PLC ("Imperial") is pleased to announce a new EUR3.5 billion (GBP3.1 billion) multi-currency revolving credit facility (RCF). The new facility was coordinated by NatWest, Santander and SMBC and is provided by a syndicate of 20 banks. It provides the business with committed bank financing until March 2023 and replaces the existing c. GBP3 billion RCF.

The RCF has a maturity structure that brings benefits to both Imperial and our lenders, with an initial 3---year term and rolling, automatic, bi-annual extensions. The RCF is currently undrawn and underpins the liquidity position of the business. Our outstanding bonds have a staggered maturity profile out to 2032 with limited maturities falling due in any one year.

COVID-19 and Current Trading

Although the economic and social impact of COVID-19 is developing rapidly, there has been no material impact on Group performance to date and current trading remains in-line with expectations.

Our primary focus is to protect the health, safety and well-being of our employees. Our operations benefit from a diversified supply chain and factory footprint, which is prioritising the manufacture of major product lines to build contingency stocks. Our distribution business, Logista, which serves Italy, France and Spain has increased the levels of finished goods stock in its regional distribution hubs and continues to deliver product to retailers.

ENDS

 
 Investor Contacts                 Media Contacts 
                 [phone]                  [phone] 
 Peter Durman     903              Alex Parsons    241 
                 [phone]                  [phone] 
 Matt Sharff      921              Simon Evans     684 
                 [phone] 
 James King       880 
 
 
 Treasury Contacts 
               [phone] 
 John Jones     061 
 

Cautionary Statement

Certain statements in this announcement constitute or may constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Company's future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this announcement should be construed as a profit forecast or profit estimate and no statement in this announcement should be interpreted to mean that the future earnings per share of the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company. This announcement has been prepared for, and only for the members of the Company, as a body, and no other persons. The Company, its Directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this announcement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed.

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March 31, 2020 02:00 ET (06:00 GMT)