7 Aug 2020 07:03
7 August 2020
NATS (En Route) plc ("NERL") agrees a £380m two-year bank facility and secures financial ratio waivers
NERL has reached agreement with Barclays Bank, BNP Paribas, NatWest and MUFG on a £380m two-year bank facility to augment NERL's liquidity over the period to 31 July 2022. This new bank facility ranks pari passu alongside the existing £400m bank facilities, the 2026 5.25% amortising fixed rate bonds (XS0174424902) and existing hedging providers.
Linked to this agreement, NERL has secured a waiver from its senior secured creditors in relation to the following financial ratio tests:
(a) any Default, Core Default, Event of Default, Core Event of Default or Trigger Event that may occur in relation to the Intra-Control Period Cover Ratio (ICPCR) at 30 September 2020 and/or 31 March 2021;
(b) any Default, Core Default, Event of Default, Core Event of Default or Trigger Event that may occur in relation to the forecast Cash Interest Cover Ratio at 30 September 2020 and/or 31 March 2021; and
(c) any Default, Core Default, Event of Default, Core Event of Default or Trigger Event that may occur in relation to the historic Cash Interest Cover Ratio on any Calculation Date up to and including 31 March 2022.
The company remains highly appreciative of the ongoing support that it has received from its banks and other senior secured creditors.
Enquiries:
NATS Press Office - press.office@nats.co.uk / 01489 615945
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