DJ Travis Perkins plc: Refinancing completed with renewal of GBP375m revolving credit facility
Travis Perkins (TPK)
Travis Perkins plc: Refinancing completed with renewal of GBP375m revolving credit facility
15-Nov-2023 / 07:00 GMT/BST
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15 November 2023
Travis Perkins plc
Refinancing completed with renewal of GBP375m revolving credit facility
Travis Perkins plc ("The Group") is pleased to confirm that the Group's near term refinancing programme has been
completed with the renewal of the Group's revolving credit facility ("RCF").
The renewed GBP375m RCF is for a five-year term with two extension options of one year each and is provided by a
syndicate of eight banks on broadly comparable terms to the 2019 RCF. The RCF also incorporates an accordion feature.
The Group's committed debt facilities now total GBP800m with details shown below:
Facility Amount Maturity
Bond GBP250m February 2026
Term loan GBP75m August 2027
RCF GBP375m November 2028
August 2029 / August 2030 /
US private placement notes GBP100m
August 2031 (equal tranches)
The RCF updated covenants reflect the adoption of IFRS16 and are in line with those on the US private placement notes and term loan. On a 12-month rolling basis these covenants are:
-- Net debt / EBITDA not to exceed 4.0x
-- Interest cover of at least 2.0x
As at 30 June 2023, the Group's 12-month rolling net debt to EBITDA ratio was 2.1x with interest cover of 5.7x.
The Group's investment grade rating was confirmed by Fitch on 11 October 2023 as BBB- on negative outlook.
Enquiries:
Travis Perkins FGS Global Matt Worster Faeth Birch / Jenny Davey / James Gray +44 (0) 7990 088548 +44 (0) 207 251 3801 matt.worster@travisperkins.co.uk TravisPerkins@fgsglobal.com
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ISIN: GB00BK9RKT01 Category Code: MSCL TIDM: TPK LEI Code: 2138001I27OUBAF22K83 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 284891 EQS News ID: 1773577 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
November 15, 2023 02:00 ET (07:00 GMT)
