Informa PLC COVID-19 Action Plan Update (9027E)
11 Novembre 2020 - 8:00AM
UK Regulatory
TIDMINF
RNS Number : 9027E
Informa PLC
11 November 2020
Informa LEI: 5493006VM2LKUPSEDU20
Informa PLC Press Release
11 November 2020
COVID-19 Action Plan Update
Stability and Security
Informa (LSE: INF.L), the Information Services, Advanced
Learning, B2B Exhibitions and Events Group is today providing a
further update on its COVID-19 Action Plan, confirming the
completion of its programme of financing activities, following the
issue of a follow-on GBP150m Bond and the cancellation of its
short-term Surplus Credit Facility and US Private Placement loan
notes.
-- Stability & Security in Financing: Informa's COVID-19
Financing Action Plan is now complete, providing the Group with
long-term Stability and Security in relation to its balance sheet,
with no debt maturities until 2023, no financial covenants and
available liquidity of more than GBP1bn. This follows a series of
financing activities over the last nine months in response to the
COVID-19 pandemic, including:
-- March: Securing access to a short-term GBP750m Surplus Credit Facility;
-- April: Securing eligibility to access up to GBP300m via the
Bank of England's COVID Corporate Financing Facility;
-- April/May: Raising GBP1bn of new equity through a share placing;
-- September: Issuing GBP640m equivalent Euro Bonds with 5-year
maturities, a 2.125% coupon and no financial covenants;
-- October: Issuing GBP150m follow-on Sterling Bonds to meet
ongoing market demand, maturing in 2026 and with no financial
covenants;
-- November: The cancellation of our short-term GBP750m Surplus
Credit Facility and GBP1.1bn US Private Placement loan notes,
removing all financial covenants from Informa's balance sheet.
-- Stability & Security in Cash Flow: The completion of our
Financing Action Plan, combined with our ongoing Cost Management
Programme, which is on track to deliver GBP600m of run-rate savings
by the end of 2020, will ensure the Group is cash positive from
January 2021, even assuming no physical events activity other than
shows within Mainland China and outdoor events.
-- 2020 Pre-Close Update: Given that Informa's Half-Year Results
were published in late September, the Group intends to release a
Pre-Close Trading Update (rather than a November Trading Update),
following the end of the 2020 trading year.
Stephen Carter , Group Chief Executive, Informa PLC, said:
"Informa continues to build Stability and Security through 2021
and beyond, reflecting the combination of continuing strength
in digital subscriptions, the progressive re-opening of physical
events in Mainland China and other parts of Asia, and growth across
our virtual events and media brands, alongside our ongoing cost
and cash management programmes."
He added: "Following a nine-month programme of activity, we have
now concluded the restructuring, refinancing and rescheduling
of our debt. Combined with the continued delivery of our COVID-19
Action Plan, this ensures Informa is on track to deliver positive
free cash flow from early 2021, with over GBP1 billion of available
liquidity."
Enquiries
Stephen A. Carter, Group Chief Executive +44 (0) 20 7017 5771
Gareth Wright, Group Finance Director +44 (0) 20 7017 7096
Richard Menzies-Gow, Director of IR
& Communications +44 (0) 20 3377 3445
Tim Burt / Zoe Watt - Teneo +44 (0) 20 7240 2486
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