Trainline PLC Covenant waiver agreed with lenders (2341L)
29 Aprile 2020 - 8:00AM
UK Regulatory
TIDMTRN
RNS Number : 2341L
Trainline PLC
29 April 2020
TRAINLINE PLC
COVENANT WAIVER AGREED WITH LENDERS
29(th) April 2020
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 GBP350 million revolving credit facility until August 2021 to
support the business through the COVID-19 pandemic and the related
impact on trading.
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.
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 9(th) 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.GBP8-9 million, together with
its liquidity headroom of c.GBP150 million forecasted as at the end
of May 2020.
Full year results
Trainline will publish preliminary results for the financial
year 2020 (the twelve-month period running from 1
(st) March 2019 to 29 (th) February 2020) on Thursday 7(th) May 2020.
The preliminary results will be published at 07.00am (UK time)
through the regulatory news service (RNS) and on the Company's
website ( investors.thetrainline.com ).
Enquiries
For investor enquiries, Andrew Gillian investors@trainline.com
For media enquiries, Victoria Biggs +44 7850 205490 / press@trainline.com
Brunswick Group
Simone Selzer +44 207 404 5959 / trainline@brunswickgroup.com
About Trainline:
Trainline (www.trainline.com) is the leading independent rail
and coach travel platform selling rail and coach tickets to
millions of travellers worldwide, enabling them to seamlessly
search, book and manage their journeys all in one place via its
highly rated website and mobile app. Trainline is a one-stop shop
for rail and coach travel bringing together millions of routes,
fares and journey times from more than 270 rail and coach carriers
across 45 countries.
This announcement includes forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties, many of which are beyond the Group's control and all
of which are based on the Directors' current beliefs and
expectations about future events. Forward-looking statements are
sometimes identified by the use of forward-looking terminology such
as "guidance", "believe", "expects", "may", "will", "could",
"should", "shall", "risk", "intends", "estimates", "aims", "plans",
"predicts", "continues", "assumes", "positioned", "targets" or
"anticipates" or the negative thereof, other variations thereon or
comparable terminology. These forward-looking statements include
all matters that are not historical facts and include statements
regarding the intentions, beliefs or current expectations of the
Directors or the Group concerning, among other things, the results
of operations, financial condition, prospects, growth, strategies,
and dividend policy of the Group and the industry in which it
operates. No assurance can be given that such future results will
be achieved; actual events or results may differ materially as a
result of risks and uncertainties facing the Group. Such risks and
uncertainties could cause actual results to vary materially from
the future results indicated, expressed, or implied in such
forward-looking statements. Such forward-looking statements
contained in this announcement speak only as of the date of this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPPURWCUPUGRR
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April 29, 2020 02:00 ET (06:00 GMT)
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