Whitbread PLC Issue of Debt (9289N)
03 Febrero 2021 - 11:43AM
UK Regulatory
TIDMWTB
RNS Number : 9289N
Whitbread PLC
03 February 2021
Update on debt arrangements
03 February 2021
Update on debt arrangements
Whitbread PLC today announces the successful pricing of two
Green bonds, the extension of its Revolving Credit Facility ("RCF")
and its intention to repay Private Placement Notes. This
refinancing maintains the Group's strong balance sheet and
financial flexibility, while at the same time extending the
maturity of its debt.
The impact on the Group's combined gross debt and available
facilities as a result of the GBP550m new Green bonds, is largely
offset by a step down in the RCF of GBP225m in September 2022, and
the proposed repayment of approximately GBP284m of Private
Placement Notes.
Issue of 2027 and 2031 bonds
Whitbread has today priced the issue of GBP300m 2.375% Green
bonds due May 2027 and GBP250m 3.0% Green bonds due May 2031.
The bonds are being issued in connection with Whitbread's new
Green Bond Framework ("Framework"), which has received a Second
Party Opinion ("Opinion") from Sustainalytics, and are compatible
with the Green Bond Framework published by the International
Capital Markets Association. An amount equal to the proceeds of the
bonds will be used to finance or refinance eligible green projects,
as set out in the Framework, and supports Whitbread's long-standing
commitment to ESG principles and its Force for Good programme.
The Framework and Opinion have been published on the "Investors
- Corporate Debt" section of the Group's website:
https://www.whitbread.co.uk/investors/corporate-debt.
The bonds are senior unsecured, contain no financial covenants
and are expected to be rated BBB- by Fitch, in line with the
Group's current credit rating.
Extension of RCF maturity
Whitbread has also reached an agreement with its relationship
banks to extend the final maturity date of its Revolving Credit
Facilityfrom September 2022 to September 2023. The facility size,
which is currently GBP950m, will step down to GBP850m at 29
December 2021 and to GBP725m at 7 September 2022. As part of this
agreement, the covenant waiver period has been extended by 12
months, meaning the financial covenants will not now be tested
until March 2023, at which point new covenant targets will be
introduced, being:
-- March 2023: Net Debt(1) / EBITDA(1) < 5x, EBITDA(1) / Interest(1) >2.0x
-- August 2023: Net Debt(1) / EBITDA(1) < 4.5x EBITDA(1) / Interest(1) >2.0x
The additional requirements outlined in the original waivers
announced on 21 May 2020, including an obligation to retain GBP400m
liquidity headroom, no more than GBP2bn of net debt and to not
declare or pay dividends, will remain for the duration of the
extended waiver period. However, these additional waiver period
requirements can be removed if the Group demonstrates compliance
with investment grade metrics, being Net Debt(1) / EBITDA(1) <
3.5x and EBITDA(1) / Interest(1) >3.0x.
Private Placement Notes
The Group has approximately GBP284m of Private Placement Notes
that mature in 2021, 2022 and 2027. The Group intends to repay the
2021 and 2022 notes (GBP25m and $93.5m respectively) on their
scheduled maturity dates of 6 September 2021 and 26 January 2022
respectively, and to repay the other notes (GBP200m) in the near
future.
Notes:
1: Pre IFRS 16
Nicholas Cadbury, Group Finance Director, said:
"We thank our new bond investors and our relationship banks for
their strong support for the Group.
We are particularly pleased that we have been able to reinforce
Whitbread's long-term commitment to sustainability by establishing
this Green Bond Framework and issuing these Green Bonds. Whitbread
is committed to being a force for good for all our stakeholders,
including our people, customers, suppliers, in the communities in
which we operate, and for the wider world around us.
The refinancing announced today demonstrates the strength of our
underlying business, and is another key step in ensuring that we
emerge from the crisis as a leaner, stronger and more resilient
business."
For more information please contact:
Equity investors and
analysts
Paul Tymms Director - Investor paul.tymms@whitbread.com
Relations
Debt investors
Iain Strachan Director - Financial iain.strachan@whitbread.com
Reporting, Control
& Treasury
Media
Sunni Chauhan / Jessica
Reid Tulchan Communications +44 (0) 20 7353 4200
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