Business
Covenant waiver agreed with lenders
Covenant waiver agreed with lenders.
About this update from Trainline Plc
[{"type":"text","content":"\n \n \n RNS Number : 2341L\n Trainline PLC\n 29 April 2020\n \n \n \n \n \n \n \n TRAINLINE PLC \n \n \n COVENANT WAIVER AGREED WITH LENDERS\n \n \n 29th April 2020\n \n \n Trainline plc (\"Trainline\", the \"Company\" or the \"Group\"), the leading independent rail and coach travel platform selling rail and coach tickets to millions of customers worldwide, today announces that its lenders have waived the financial covenant in respect of its £350 million revolving credit facility until August 2021 to support the business through the COVID-19 pandemic and the related impact on trading.\n The financial covenant, tested semi-annually, requires that Trainline's net debt position does not surpass 3.75x adj. EBITDA for the prior twelve months. \n Today's announcement underlines the Group's confidence that it can operate through an extended downturn period if required. It follows Trainline's announcement on 9th April 2020, which outlined the mitigating actions it has taken in response to the COVID-19 pandemic, reducing its monthly cash outflow from operating costs and capital expenditure to c.£8-9 million, together with its liquidity headroom of c.£150 million forecasted as at the end of May 2020.\n \n \n \n \n Full year results\n \n \n \n \n \n Trainline will publish preliminary results for the financial year 2020 \n (the twelve-month period running from 1\n \n st\n \n March 2019 to 29\n \n th\n \n \n February 2020) \n on Thursday 7th May 2020. \n \n \n \n \n \n The preliminary results will be published at 07.00am (UK time) through the regulatory news service (RNS) and on the Company's website (\n \n investors.thetrainline.com\n \n ).\n \n \n \n \n \n Enquiries\n \n \n \n For investor enquiries, Andrew Gillian \n \n \n [email protected]\n \n \n \n \n \n For media enquiries, Victoria Biggs \n \n +44 7850 205490 / \n \n [email protected]\n \n \n \n \n \n \n \n Brunswick Group\n \n \n \n Simone Selzer\n \n &nb...