Stagecoach Group PLC Covenant waivers (3527F)

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 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCDDBDBRDBDGGU

(END) Dow Jones Newswires

November 16, 2020 02:00 ET (07:00 GMT)