LONDON (dpa-AFX) - Mitchells & Butlers plc (MAB.L, MLB) said the Group has agreed with its main relationship banks to the provision of committed unsecured liquidity facilities totalling 250 million pounds through to 31 December 2021. This comprises extension to the term of existing 150 million pounds facilities plus the provision of additional facilities totalling 100 million pounds. The additional facilities are structured under the Government backed Coronavirus Large Business Interruption Loan Scheme. The group currently has cash balances of 130 million pounds, having fully drawn down the existing facilities of 150 million pounds.
The Group also stated that certain amendments and waivers have been agreed with Ambac Assurance UK Ltd and the security trustee in relation to Mitchells & Butlers Retail's financing arrangements. This include a further waiver of, and amendment to, the 30 day suspension of business provision. In securing the amendments, the group has agreed not to pay an external dividend, undertake any share buy-backs or repurchase bond debt until the end of the financial year to September 2021, at the earliest.
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