Business
COVID-19 update: Access to the CCFF
COVID-19 update: Access to the CCFF.
About this update from Ssp Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4568I\n SSP Group PLC\n 01 April 2020\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n LEI:213800QGNIWTXFMENJ24\n \n 1st April 2020\n SSP Group plc (\"SSP\")\n COVID-19 Update: Access to the Covid Corporate Financing Facility (\"CCFF\")\n \n In our recent update on 25th March, we indicated that SSP expected to qualify for the joint HM Treasury and Bank of England lending facility, called the Covid Corporate Financing Facility (\"CCFF\") and was already well advanced in preparations and discussions with HM Treasury and the Bank of England to access the scheme. This facility is designed to provide liquidity for companies which have been impacted by the COVID-19 outbreak, by allowing them to issue commercial paper through the Bank of England. SSP is pleased to announce that it has secured access to this scheme and has today made a drawdown of funding under the scheme. \n \n Access to this scheme, together with the recent equity placing, will be used to strengthen the Group's balance sheet during this period of unprecedented disruption to the global travel market as a result of the COVID-19 outbreak.\n \n Based on the scenario planning undertaken by SSP management, and described in its announcements last week, the financing arrangements we have put in place will provide sufficient liquidity to enable SSP to operate throughout even its most pessimistic trading scenario (as set out in the RNS of 25th March), leaving it well positioned to return to growth as markets normalise. \n \n Commenting on this announcement, Simon Smith, CEO of SSP Group, said:\n \n \"These are unprecedented times for SSP and for the global travel sector. Against the backdrop of the significant reduction in global travel, SSP has taken decisive action to dramatically reduce our cost base and downsize our operations in line with demand. I would like to thank most sincerely all my colleagues for their extraordinary commitment during this period. The financing package that we have secured puts SSP in a really strong position to manage through this crisis and to be in the best shape possible to return to growth as soon as the travel market starts to recover.\"\n \n \n CONTACTS \n \n Investor and analyst enquiries \n \n Sarah John, Director of C...