(Sharecast News) - Transport group Stagecoach has agreed to an extension to waivers on £325.0m of debt as part of an effort to help it navigate the Covid-19 pandemic.
Stagecoach, which took the precautionary measure of agreeing to covenant waivers in June, struck an agreement with lenders on Monday to push out any testing on its financial strength until October 2021.
As an alternative to testing covenants, the FTSE 250-listed firm said it would undertake a minimum liquidity threshold test.
Stagecoach also said on Monday that it continued to have "strong liquidity", with available cash and undrawn, committed bank facilities of over £800.0m.
As of 0845 GMT, Stagecoach shares were up 1.96% at 59.75p.
30 Jun 2021 14:09
Stagecoach sees revenues slide, but stays upbeat for current year
(Sharecast News) - Stagecoach Group reported a slump in annual profits on Wednesday, after the pandemic hit revenues, but said it was encouraged by progress to date on the roadmap out of lockdown.
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