Compass Group PLC Response to press speculation (1154N)
15 Mayo 2020 - 11:22AM
UK Regulatory
TIDMCPG
RNS Number : 1154N
Compass Group PLC
15 May 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
15 May 2020
Response to press speculation
Compass Group Plc - ("Compass" or the "Group") notes the recent
press speculation regarding a potential capital raise.
As detailed in our update on 23 April 2020, we have taken
significant measures to strengthen our liquidity in light of the
disruption brought about by COVID-19. At 31 March 2020 net debt was
around GBP4.9bn, we had GBP2.0bn in committed Revolving Credit
Facilities and net debt/ EBITDA was 1.7x. [1] We have since
suspended the dividend and have increased our liquidity by an
additional GBP800m and now have total committed Revolving Credit
Facilities of GBP2.8bn.
Since our previous announcement, we have successfully obtained
waivers from our US Private Placement investors for our leverage
covenant tests in September 2020 and March 2021. The interest cover
test has been waived for September 2020 and there remains an
interest cover test of more than or equal to 3x on a 6 months
proforma basis for March 2021.
We continue to evaluate the merits of a range of options that
would further increase our resilience through the current situation
and enable us to continue to invest in the business to enhance our
competitive advantages, support our long-term growth prospects and
further consolidate our position as the industry leader in food
services.
No decision has been made on whether to proceed with a capital
raise or with regards to the timing or size of any such capital
raise.
A further announcement will be made if and when appropriate.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is being
released on behalf of Compass Group PLC by Alison Yapp, Group
General Counsel and Company Secretary.
ENDS
Enquiries
Investors Sandra Moura, Simon Bielecki & Agatha Donnelly +44 (0) 1932 573000
Press Tim Danaher & Fiona Micallef-Eynaud, Brunswick +44 (0) 207 404 5959
Website www.compass-group.com
Note to Editors : Compass Group PLC is the world's leading food
service company, which generated annual revenues of GBP25.2 billion
in the year to 30 September 2019. It operates in around 45
countries, employs and engages around 600,000 people and serves
over 5.5 billion meals a year. The Group specialises in providing
food and a range of support services across the core sectors of
Business & Industry, Healthcare & Seniors, Education,
Sports & Leisure and Defence, Offshore & Remote, with an
established brand portfolio.
[1] 2.0x on an IFRS 16 basis
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END
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