Business
Update and Notice of Results
Update and Notice of Results.
About this update from Hollywood Bowl Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 6248M\n Hollywood Bowl Group plc\n 12 May 2020\n \n \n \n Hollywood Bowl Group plc\n \n (\"Hollywood Bowl\", the \"Group\" or the \"Company\")\n \n Further covenant amendments, RCF extension replaced by CLBILS\n and Notice of results\n \n The following amendment has been made to the announcement released on 12 May 2020 under RNS no 5496M.\n \n The dates under the Leverage covenants and the Cash cover covenant now refer to March 2021 rather than March 2020. All other details remain unchanged. The full amended text is shown below.\n \n \n Hollywood Bowl Group PLC, the UK's market leading ten-pin bowling operator, today provides an update regarding its financial position.\n \n As announced on 2 April 2020, the Group's lenders had agreed to a £10m revolving credit facility (\"RCF\") extension to its £35m banking facility, amended the leverage covenants and waived the cashflow covenants for the rest of FY2020.\n \n The £10m extension to the RCF, noted above, will now be provided by Lloyds Bank under the terms of the Government Coronavirus Large Business Interruption Loan Scheme (\"CLBILS\"), for the same amount.\n \n The existing banking facility (£35m) remains in place and following constructive discussions regarding ongoing support, the covenants on the existing facility have been further amended for the first half of FY2021. The new covenants for the next twelve months are as outlined below:\n \n \n \n \n \n Leverage covenants (Net debt : LTM EBITDA):\n \n \n \n \n \n \n · \n June 2020\n \n \n \n \n 1.50x\n \n \n \n \n \n \n · \n September 2020\n \n \n \n \n 2.25x\n \n \n \n \n \n \n · \n December 2020 \n \n \n \n \n 5.00x\n \n \n \n \n \n \n · \n March 2021\n \n \n \n \n 1.50x\n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash cover covenant:\n \n \n \n \n \n · \n June 2020\n \n \n \n \n waived\n \n \n \n \n \n \n · \n September 2020\n \n \n \n \n waived\n \n \n \n \n \n \n · \n December 2020 \n \n \n \n \n 1.00x\n \n \n \n \n \n \n · \n March 2021\n \n \n \n \n 1.00x\n \n \n \n \n \n In addition to the £10.5m raised via a successful placing completed on 17 April 2020, management continues to take actions to maintain a strong cash and liquidity position, and to support team members, in order for the Group to emerge from this...