London Gatwick Airport: waiver agreement on financial covenants
08 September 2021 - 8:30AM
London Gatwick Airport: waiver agreement on financial covenants
Rueil Malmaison, 8 September 2021
London Gatwick Airport: waiver agreement
on financial covenants
In August 2021, London Gatwick Airport, a
50.01%-owned subsidiary of VINCI Airports, entered discussions with
its lenders with a view to obtaining a temporary waiver of
financial covenants – relating to £2.8 billion of reference net
debt (Senior Net Debt) at end-June 2021 – and to amending certain
terms of those covenants.
Given the exceptional circumstances affecting
air travel, a very large majority of lenders accepted the company’s
request:
- It will therefore not be required
to comply with the Senior ICR (interest cover ratio) and Senior RAR
(debt ratio) at the next two testing points, i.e. at end-December
2021 and end-June 2022.
- The method for calculating the debt
ratio will be amended until June 2024 in order to adjust for the
exceptional impact of the Covid-19 crisis on the airport’s
EBITDA.
The published information is available at the
following
address:https://www.londonstockexchange.com/news-article/79IU/results-of-consent-solicitation-and-stid-proposal/15126493
About VINCI
VINCI is a global player in concessions,
construction and energy businesses, employing more than 217,000
people in some 100 countries. We design, finance, build and operate
infrastructure and facilities that help improve daily life and
mobility for all. Because we believe in all-round performance, we
are committed to operating in an environmentally, socially
responsible and ethical manner. And because our projects are in the
public interest, we consider that reaching out to all our
stakeholders and engaging in dialogue with them is essential in the
conduct of our business activities. Based on that approach, VINCI’s
ambition is to create long-term value for its customers,
shareholders, employees, partners and society in general.
www.vinci.com
This press release is an official information
document of the VINCI Group.
PRESS CONTACT VINCI Press Department Tel: +33 (0)1
47 16 31 82 media.relations@vinci.com
- CPVINCI_GATWICK_20210908_VA
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