Dart Group PLC Covid Corporate Financing Facility (9636M)

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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: [phone] 
     Philip Meeson, Executive Chairman 
    Gary Brown, Group Chief Financial 
     Officer 
    Cenkos Securities plc - Nominated     Tel: [phone] 
     Adviser 
     Katy Birkin/Russell Cook 
    Canaccord Genuity - Joint Broker      Tel: [phone] 
     Adam James 
 
    Arden Partners - Joint Broker         Tel: [phone] 
     Paul Shackleton/Daniel Gee-Summons 
    Buchanan - Financial PR               Tel: [phone] 
     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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May 14, 2020 10:40 ET (14:40 GMT)