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London Gatwick Airport: waiver agreement on financial covenants

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:
https://www.londonstockexchange.com/news-article/79IU/results-of-consent-solicitation-and-stid-proposal/15126493