Source - DGAP Regulatory

Travis Perkins (TPK)
Travis Perkins plc: Refinancing completed with renewal of £375m revolving credit facility

15-Nov-2023 / 07:00 GMT/BST


15 November 2023

 

Travis Perkins plc

 

Refinancing completed with renewal of £375m 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 £375m 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 £800m with details shown below:

 

Facility

Amount

Maturity

Bond

£250m

February 2026

Term loan

£75m

August 2027

RCF

£375m

November 2028

US private placement notes

£100m

August 2029 / August 2030 /

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

 



Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


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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