London Gatwick Airport: waiver agreement on financial covenants
8. 09. 2021 - 08:30 - Finanzen - Vereinigtes Königreich
In August 2021, London Gatwick Airport, a 50.01%-owned subsidiary of VINCI Airports, entered discussions with its lenders with a view to obtaining a temporary waiver of financial covenants – relating to £2.8 billion of reference net debt (Senior Net Debt) at end-June 2021 – and to amending certain terms of those covenants.
Given the exceptional circumstances affecting air travel, a very large majority of lenders accepted the company’s request:
- It will therefore not be required to comply with the Senior ICR (interest cover ratio) and Senior RAR (debt ratio) at the next two testing points, i.e. at end-December 2021 and end-June 2022.
- The method for calculating the debt ratio will be amended until June 2024 in order to adjust for the exceptional impact of the Covid-19 crisis on the airport’s EBITDA.
The published information is available at the following address: