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First Group secures covenant amendment
StockMarketWire.com
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UK and US bus and rail company First Group has agreed covenant amendments for the 31 March and 30 September 2021 testing dates with its lenders.
The prior net debt to EBITDA (earnings before interest, taxes, depreciation and amortisation) level of 3.75 times has been increased to 5.5 times and 4.5 times for the March and September tests respectively.
In addition the fixed charge coverage has been amended to 1 times compared with 1.4 times while the group has also agreed that net debt including ring fenced cash will not exceed £2 billion and a minimum of £150 million of liquidity will be maintained during this period.
The group said free cash (before rail ring-fenced cash) and undrawn committed banking facilities remained broadly stable at around £810 million as at 6 November 2020.
At 8:18am: (LON:FGP) Firstgroup PLC share price was +2.96p at 48.16p
Story provided by StockMarketWire.com
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