RE: This time 8 hours and counting down11 Dec 2020 07:38
This for me is the most important statement - they have not drawn down all the loans and have plenty of cash now and will also be cash positive in 6 months....
Rebuilding our balance sheet and increasing our financial resilience are key to our ability to position our company for the future. Our £5 billion recapitalisation package, completed in November, comprised £2 billion of new equity, £2 billion in new bonds with maturity in 2026/2027 and a £1 billion 2-year bank facility that remains undrawn. This extended and replaced shorter term facilities including an undrawn £1.9 billion revolving credit facility which was cancelled when the new financing was finalised. As a result, we expect to end the year with net debt of between £1.5 billion and £2.0 billion, excluding lease liabilities of approximately £2.1 billion, and liquidity between £8.5 billion and £9.0 billion.